The EUR has been consolidating since January 11th, but it is still putting in a nice range most days. There was no major economic news releases for either the EUR or the USD today. The annual World Economic Forum in Davos Switizerland began today. Keep stops tight. The potential for whipsaw movements is there as this conference hosts representatives from over 90 countries.
It took a while to set up but with the EUR showing no signs of upside momentum, we found a short trade. Eventually it worked out to our advantage. With a Reward to Risk ratio of 4:1 to our Target 2, patience from yesterday paid off.
We don’t give back our profits once Target 1 is hit and yesterday’s low proved to be an area where buyers entered the market.
Good luck with your trading and protect your profits as we may encounter a lot of volatility during the WEF conference this week.