As the U.S. session got underway the EURUSD moved higher but failed to close above its Asian session high and began to move lower after leaving a long upper wick. A short was taken risking 8 pips for a potential 37 pips to our daily target at 1.1168.
Would price be able to take out its March 7th 2019 low?
Price moved lower and we closed the trade at the U.K. close without price moving beneath 1.1175. If the USD can continue upward tomorrow this level will most likely be tested. It appears that the USD is running into some overhead resistance, so we may see it rest or pull back temporarily.
Oil continues to rise and we will see what effect the oil inventories will have on price tomorrow and the oil sensitive currencies.
The Brexit drama continues and GBPUSD bulls sit on the sidelines waiting for positive news. Most traders are avoiding the pair until the picture becomes clearer… and it remains as clear as mud at the moment.
Good luck with your trading!
