In today’s live trading session, we went over the status of our EURJPY and GBPJPY trades. We then completed technical analysis for some of the minors and found a setup for CHFJPY.
During yesterday’s live session, we went over the US Dollar Index and found that the index still had downside potential. We decided to take a long for EURUSD, with a long term target of 1.17000. We got our first target of +27 pips before price reverted back to entry and stopped our partial position. After some consolidation price surged to the upside. We are looking to enter long once again after price clears today’s high. We then took an intraday short for GBPJPY which resulted in a quick gain of +25 pips.
Afterward, we took a look at some of the minor currency pairs. We have identified a short setup for EURGBP. This trade will only be taken once we get a 1hr bearish closure below yesterday’s low. Otherwise, this pair may continue to rise. In addition to this pair, we have found a long for CHFJPY. This pair has huge upside potential which can be noted from the weekly timeframe.
At the halfway point of this week, we are already in better shape then we have been for the past few weeks. This can all be accredited to the US Dollar finding a clear trend, and that is down. We should see this trend continue until the end of the week as sellers continue to pile on. As always, be safe and trade responsibly!
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