Lots of European economic news releases to begin the UK session. The EUR is grinding slowly higher but how much higher will it go? The multi-pivot line on the chart is a very important level.
Once the economic news was behind us, we see price bounce up after testing the Asian session low…indicating a level where buyers are entering. The next candle is very bullish and an entry is taken following it. A stop loss is placed under the Asian session low allowing for a 3:1 Reward to Risk to our Target 2. Our first challenge is to close convincingly above the multi-pivot line. Price eventually moves up, but does not challenge the Asian session high before reversing and closing us out for modest gains.
It’s been a tough week so far.
Good luck with your trading!
Back tomorrow if we find a trade.
