The EURUSD has been making a series of lower highs. Today as it failed to close above its Asian highs, we went short risking 13 pips for a potential 72 pips to our daily target. Price moved down but bounced a little higher for one candle before testing the Asian low. Price then continued lower heading into the U.S. session open, before moving down to our daily target where we exited the trade.
On Wednesday the U.S. FED under its new leader – Jerome Powell is expected to raise the interest rate by 25 basis points. Traders will be listening for any wording that may suggest four interest rate hikes this year instead of the three hikes that the market is currently focused on.
Trading may be more subdued in advance of the announcement, but there is U.K. economic news on Wednesday which may lead to some activity in the GBP pairs.
Good luck with your trading!
