Mondays tend to be tricky days to trade. The EURUSD tried to climb higher today but stalled around 1.1285 and a short trade was taken risking 15 pips for a potential 69 pips to our daily target at 1.1205.
As the pair moved lower, it picked up momentum after closing within its Asian session range. It managed to move down to Friday’s high but stalled and found buyers in that area. The trade was closed at the U.K. close for a good start to the week.
The USD was fairly neutral today and the question is whether the DXY can move and stay above 98.00 before Thursday’s close. Friday will be a U.S. holiday and the NFP release will be on Thursday this week.
There are a number of institutions that are long the EURUSD so look for further buying on dips to 1.1200 and down to 1.1150.
Good luck with your trading!