Let me start a weekly market outlook with EUR futures. No significant reports are expected this week. However, the Federal Reserve meeting will influence short-term money flow. So, you have to pay attention to it no matter what currency you trade. USA economy recovers quickly, but I think its too early to change monetary policy. Well, FED can have another opinion. That’s why this event is so important for markets. We have a clear uptrend in the 4h chart. Breaking below that trendline and formation of lower short-term high can be an entry for 1.1100. Other than that EUR can hit 1.1550. So, look for price action and trade accordingly. You have targets for both scenarios.
Sugar rallied as it was expected. Trading this market requires a lot of patience. Sugar always moves like a snail. Commercials made significant changes in their positions. That’s why I think it makes sense to book profits at 13 cents.
Corn is very slow too and it surprised me. Usually, when we had the same king of setups, corn moves much faster. In any case, conservative traders can move stop losses below three days’ low. I think the average target is 350 level.
I don’t have any SP500 swing trades in managed accounts. And I will stick to intraday trading. There are too mixed fundamentals at the moment. And market is overstretched. I will not be surprised to see a quick pullback. But likely any dip will be bought. It’s difficult to make any middle-term forecast in this market at the moment.
Wishing you a great week!
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