In today’s live trading session, we went over the status of our Euro trades, and then we gave our members an update on the US Dollar Index (DXY).
In yesterday’s live trading session, we discussed the possibility of taking an intraday short for EURUSD and EURJPY. Shortly after the session, the signal for both trades was called and both pairs dropped a combined +60 pips. This is not bad for a Monday as markets tend to be dull and consolidated. Since then, both pairs have pulled back and have continued their bullish bias.
For the rest of the session, we focused on the US Dollar Index (DXY) to get a clue about where the majors are headed. Yesterday the DXY made a new lower high at 96.70 before dropping. Based on the current downtrend as well as the creation of a new lower high, we feel DXY will go lower to make a new lower low. We have 96.00 as a target. With that in mind, we are expecting rallies against the Dollar to continue. We are hoping to get an entry long for XAUUSD and EURUSD once they clear their respective highs.
With a few wins to start out of the week, we are in good shape to have another fantastic week of trading. Do note that the midweek consists of monetary policy statements for the Loonie, Yen, and Euro. Be sure to have stops at entry or be out of trades at this time. As always, be safe and trade responsibly!
Directory:
- Sign up for a Free Membership.
- Login to watch full recorded webinars in our Forex Trading Room.
- Chat with our traders in the Community Discord Server.
- Read yesterday’s breakdown: COT Report Hints Bullish Euro and Bearish Dollar
- Get the VIP Membership with code FIRST50 at checkout for 50% Off your 1st month
- 7 Day Risk-Free Trial
