Another Day, Another +120 Pips
Recent market turmoil is working out great for us. Our Price action strategy continue to bring us pips and yesterday’s setups were textbook stuff . We took 2 trades and both end up making us +120 Pips.
Today Nonfarm Payroll numbers are going to be released and most likely market will drift sideways until then . We will continue to watch market in Live Trading Room as usual and look for good setups only.
Yesterday EURUSD gained strength after European Central Bank (ECB) signalled it will likely to stick with its “stimulus-exit” strategy even though Federal Reserve will buy $600 billion of bonds. Dollar lost ground against all its peers and US Dollar index fell below the point we discussed yesterday.
Chart below shows US Dollar Index broke below 76.00 level and next support is at close to 74.00. I’ll be keeping an close eye on this level
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(click on image to enlarge)
As we mentioned yesterday, 1.4300 level acted as resistance. Weekly upper trendline is closing in at 1.4350, a break above will send EURUSD to 1.4550
(click on image to enlarge)
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Good call on Index yesterday. Love the simplicity of your analysis.
IMHO USD will further in next 6 months