In today’s live trading webinar, we went over the European Central Bank’s (ECB) rate decision and what effect it may have on the Euro. We then identified a few last-minute setups to take before Friday’s market close.
Like many other banks in the world, the ECB has decided to keep its interest rates unchanged at 0.00%. This has been the rate since the start of the year. This is beneficial for the European Union as its one of the few nations that have not had to alter its monetary policy during Covid-19. In light of this “non-news”, the Euro gained on its advisories during the London session.
Just how high can the Euro go and can traders enter long now? Not so fast! Before any longs can be taken, EURUSD has to do defeat one more level. For the near-term, this level is 1.14500 which is the last significant high. In regards to long term long opportunities, EURUSD would need to break and close bullish above 1.15000. A setup we are currently eyeing is a long for EURJPY. Similarly to EURUSD, EURJPY has to clear its previous significant high before we can enter long.
Yesterday our EURCAD trade provided a quick +25 pips of profit. We are looking for 1-2 more trades to give us some intraday profits before we end the week off. Mind you, the markets are still very choppy and so an adjustment had to be made to the way we trade. As always, be safe and trade responsibly!
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