China’s Caixin manufacturing PMI beat expectations yesterday and the USD started the week softer and declined further with a disappointing ISM manufacturing PMI for November.
With the weaker USD versus the majors, a long was taken in the EURUSD risking 10 pips for a potential 20 pips to our daily target at 1.1031. It didn’t take long for the pair to rise through our target level and we were able to stay in the trade moving our profit stop up as the USD sank further.
The pair remains range bound between 1.0980 and 1.1180 – trading in the direction of USD strength/weakness.
Good luck with your trading!
