Although the EURUSD popped upward last week and closed above 1.1725, it hasn’t had much follow-through since and has not closed above 1.1800 since May. With a slightly positive USD today awaiting the Federal Reserve announcement, we went short after the second failed attempt of the EUR to stay above its Asian session high. A setup risking 10 pips for a potential 72 pips to our daily target at 1.1694 is hard to pass on.
Price moved down but did not take out yesterday’s low before the U.S. open where our profit stop was executed.
Unfortunately the EURJPY didn’t set up at the same time or we would have taken it – as it has been a bigger mover of late. With the Fed interest rate announcement and accompanying statement today, we can move on to other central bank speeches as the week continues.
Good luck with your trading!
