The soft USD this week allowed the EURUSD to move up to a technically significant level for traders on the daily chart. With price failing to stay above it, coupled with a stronger USD on Friday, we were able to find a short… risking 12 pips for a potential 78 pips to our daily target at 1.1633. Price moved down and drifted sideways during the first half of the U.K, session – testing Thursday’s high.
We chose to keep our stop loss very tight and as price moved down to its Asian session low just in advance of the U.S. open, we tightened our profit stop further. Price moved higher at the open and closed our trade before descending significantly lower after the news.
It wasn’t the easiest week to find trades, but we don’t need to find them everyday. Patience and discipline rewards traders over time.
Enjoy your weekend!
