Fundamentals:- The rate hike due out in December from the Federal reserve bank in the USA is now old news and the market has long priced in dollar strength. What is coming to light in the Eurozone is the bailout agreement for the U.K. and the European inflation slowly picking up pace. ECB tapering could be on the cards meaning the ECB will be looking at ways to reel in their Quantitative easing campaign and eventually raising interest rates. The CPI reading for Europe is due out tomorrow and we expect an increase from 1.4% to 1.6%; so keep an eye on the charts at 10am. Of course I will already be inthe trade by then and hoping to reap some profit
Technicals:- We have had a nice pull back from the recent highs on the EUR/USD pair with a good area of confluence and rejection from the 11800 level. I am looking to enter at market with a decent leg up above 12100
Entry price 11850
stop loss 11700
take profit 12100 / 12200
Technicals:- We have had a nice pull back from the recent highs on the EUR/USD pair with a good area of confluence and rejection from the 11800 level. I am looking to enter at market with a decent leg up above 12100
Entry price 11850
stop loss 11700
take profit 12100 / 12200
Trade active:
I have now moved the stop loss to 11880 locking in 30 pips profit
Trade closed: stop reached:
The price pulled back to my stop loss taking taking me out of the trade with 30 pips profit