The EUR has been trending upward lately, but had a sharp sell-off beginning 3 hours into the U.K. session. With the trend being up… a long is found after the sell-off as price puts in a bottom beneath our downside target. The long lower wicks indicate where the buyers are entering. As price moved up we risked 18 pips for a potential 61 pips to our upside target.
With price selling off in the 1.1283 area the previous 3 days, we were quick to exit at our target of 1.1281 just in advance of the sellers entering again.
Tomorrow the ECB Press Conference will be watched closely for any hint that the EUR may have gotten ahead of itself. With the UK Election also tomorrow and formal Brexit talks beginning on the 19th, expect both the EUR and GBP to be active. The EURGBP is also well worth watching.
Good luck with your trading!
