In today’s live trading session, we went over the current status of our trades. We then identified a long setup for EURUSD and a short for EURGBP.
During yesterday’s live session, we determined a bearish bias for the US Dollar Index (DXY). Based on this analysis, we identified two sell setups for USDCHF and USDJPY. However, later in the afternoon, the US Dollar Index regained some bullish prowess. Due to this, we decided to short GBPUSD. This trade went as far as +88 pips into profit before hitting our breakeven point.
For the rest of the session, we focused on trades to take before tomorrow’s ECB rate statement. A setup of interest is a possible long for EURUSD. This pair has rested on support for quite some time and has shown no interest in heading lower. We may enter long if price action foreshadows a push higher. We then found an intraday short for EURGBP which has been entered.
As the markets prepare for tomorrow’s rate statement, many pairs are priming for a move. This is the case for many of the European and New Zealand pairs. We will discuss all of this in tomorrow’s live session. As always, be safe and trade responsibly!