In today’s live trading session, we tried to get a bias for the majors as this week is set to be a big one for the US Dollar. As today is memorial day, many of the financial markets are practically asleep.
Last week the US Dollar ended on a strong note as it practically reached the 100.00 psychological resistance level. Fast forward to today morning, the US Dollar has pulled back some as majors gain back some of the losses from last week. With reduced to zero volume in the US Markets today due to Memorial Day, we may see the majors continue to inch higher.
As for trades to take, we have spotted potential entries for EURUSD, XAUUSD (Gold), and EURGBP. For the Euro, we do expect the selloff to resume once the previous four hour low is cleared. This move will most likely occur during the midweek. Gold may take some convincing to go lower as its correlate US Oil continues to push to the upside. We will be monitoring the precious metal for both long and short setups.
Based on how the markets performed this morning, it seems reasonable to assume that no major moves will be observed today. But, the Forex market can surprise you, and that’s why we love/hate it. Our team will be on the lookout for entries and once found, trade signals will be sent on both Discord and Telegram. We hope you all have a great Memorial day! As always, be safe and trade responsibly.
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