It appears the market overreacted to Fed Powell’s comments on Wednesday and the USD is strong today as November comes to an end. All eyes are on the G20 meetings in Argentina as politicians attempt to resolve their differences with other nations. The outcome of the U.S. – China “deal or no deal” talks will set the tone for what’s to come next.
The EURUSD which made a strong countertrend move on Wednesday softened today and we entered short risking 10 pips for a potential 49 pips to our daily target at 1.1321. Price had made a series of lower highs and an entry was found in advance of the U.S. open. We protected our profits as price moved lower and the Chicago PMI release gave us the final push to our daily target, where we closed the trade.
Next week will be an active one! Fasten your seat belt.
Good luck with your trading!
