In today’s live trading session, we went over the status of our pending trades. We then went over our predictions for tomorrow’s Euro PMI release.
In yesterday’s live session, we discussed possible trade setups for EURUSD and GBPUSD. We wanted to make sure that the US Dollar Index made it’s push to 94.00 before we entered our pending trades. This morning the US Dollar Index surged to the upside with a target of 95.00 in sight. Based on this occurrence, we are set to enter short for EURUSD and GBPUSd once we find an entry on the 4hr timeframe.
Later during the London session, we have the Purchase Managers Index (PMI) for the European Union being released. This measures the current economic sentiment determined by the opinions of 750 purchasing managers. The current estimates are mixed, which hints at market uncertainty. Technical analysis of the Euro is suggestive of a bearish result and reaction. This gives us more incentive to short EURUSD.
We expect market volatility to pick up substanially over the course of the next 12 hours. We recommend traders to minimize their risk exposure before the PMI results. The fun doesn’t end there, as tomorrow morning we have US manufacturing data being released as well. Let’s have a great midweek. As always, be safe and trade responsibly!
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- Read yesterday’s breakdown: Trade Signals for EURUSD and GBPUSD + DXY to 94?
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