Overall the Euro and Sterling are not looking good at the moment and the USD is recovering well this week – as trade talks with China continue to sound positive.
As the U.S. session got underway, the EURUSD broke lower and a short was taken risking 8 pips for a potential 48 pips to our daily target at 1.1349. Price moved down through its Asian session low but had difficulty getting through yesterday’s low. It began to reverse mid-figure leaving a long lower wick candle. We moved our profit stop just above the candle’s high and the next next candle closed the trade.
Until the U.S. – China trade talks and tariffs are finalized, the markets will be potentially very volatile, so trade very cautiously… and always always always trade with a stop loss!
Enjoy your weekend and good luck with your trading!