Happy Monday Traders! In today’s live session we went over some European fundamentals and potential trade setups for the week.
Earlier during the London session, we had European PMI (French & German) come out worse than expected. This led to EURUSD dropping almost 50 pips going into the New York session.
The European Central Bank President (Draghi) indicated that the manufacturing slow down may not rebound anytime soon, and that possible future interest rate cuts can be expected. This has led us to have a short bias on the pair, as the technical analysis points to a weaker Euro as well. Mainly, our daily descending channel which EURUSD has failed to break out of.
In addition to selling the Euro, we look to potentially sell CADCHF and buy Gold later in the week. Today we may have a potential short opportunity available for USDJPY, given that our entry criteria is fulfilled. As always, our Monday sessions are for identifying biases and trends. We will look for specific entries during the midweek. I will see you all tomorrow at 11:00 AM EST for another live session. Happy Trading!
Watch the Full Live Session Here: https://youtu.be/bT-NS4fwOYg
