There were a number of good trade setups today. The EURUSD and EURJPY looked very similar but the EURJPY has been very active lately and today as it rolled over, a short was taken risking 20 pips for a potential 100 pips to our daily target at 1.2864.
When a pair does its daily range or fairly close to it during the Asian session, it frequently will be reversed by the U.K. traders and a very familiar pattern forms. Although this trade didn’t make it to our daily target, it did come right back down to its Asian session low.
The euro and the sterling are starting to have big moves to the upside on any positive Brexit resolution announcements. If trading either, be sure to keep your profit stops tight, as we have seen some very sudden upside moves for both.
Trade tariff talk between the U.S. and China as well as between the U.S. and Canada continues this week. Mario Draghi will be talking on Thursday which may result in further volatility for the euro.
Good luck with your trading!
