Flight to safety provided an initial move, but session was mixed
Immediately as trading got underway in the Asia session, the flight to safety was clear following the attacks over the weekend on Israel. This initially set us up short on the EUR, which unsurprisingly dropped below last weeks bullish close to continue it's slide.
My first entry was short @1.05300. I wanted to give price time to settle after the London open to make sure we wouldn't see any wild swings. As we broke lower I was aggressive with the move to B/E and as price struggles around 1.05200, it was bid back up and the trade was over.
Interestingly we started to form a narrowing with volume coming in and push all /USD pairs back above VWAP. This gave us the green light to look long, and after some deliberation between this and GBP/USD, I opted to stick with the EUR as I was more comfortable with the price action after watching it all day.
Once again I was aggressive with the B/E and as I write it's still unclear if price will break to the upside but being this late in London session I'm happy to not carry the overnight risk and we'll chalk today up to some stumbles from the market.
My first entry was short @1.05300. I wanted to give price time to settle after the London open to make sure we wouldn't see any wild swings. As we broke lower I was aggressive with the move to B/E and as price struggles around 1.05200, it was bid back up and the trade was over.
Interestingly we started to form a narrowing with volume coming in and push all /USD pairs back above VWAP. This gave us the green light to look long, and after some deliberation between this and GBP/USD, I opted to stick with the EUR as I was more comfortable with the price action after watching it all day.
Once again I was aggressive with the B/E and as I write it's still unclear if price will break to the upside but being this late in London session I'm happy to not carry the overnight risk and we'll chalk today up to some stumbles from the market.