Welcome to the another live session Traders. EURUSD has rallied as did many pairs against the dollar and has now tapped 1.10300. The long term bias for the Euro is short as it is contained with a descending channel. If we want to get in on the longs, we need a closure above 1.10300 and some sort of confirmation (rejection) to continue longs to 1.10700. We also see a similar story with GBPUSD as it creeps it’s way back into the trading range between 1.20270 and 1.22417. Since the entry for longs has passed, we should wait for a retrace to long, or rejection off 1.22417 to short.
We also discussed our USDCHF trade that was analyzed live in yesterday’s session. I called the short off at -10 pips, before the pair ended up dropping +60 pips on par with our analysis. This can happen from time to time, and as a vet trader I have made it a habit to not get attached to my trades. There will always be more opportunities and the fact that it is NFP week and we are up +170 pips is a great thing. We still have a few days left in the week, so let’s get what we can and not be too greedy.
As for setups for the rest of the week, we will see if we can get into either or both of the EURUSD and GBPUSD trades. I have also been eyeing continuation shorts for #EURAUD and #EURNZD. I will try to stay away from USD and CAD pairs as they have some important releases to go, so we will shift our focus to trading the minors.
As always, I will see you guys again tomorrow at 11:00 AM EST on our portal for another live session. Be on the look out for setups that I will send on Telegram as the day pans out. Take care and happy trading!
You can watch today’s live session on our Portal here: