There is still no sign of a Brexit deal. The E.U. Summit begins tomorrow along with the ECB Monetary Policy Statement and Interest Rate Decision.
After moving up in the Asian session the EURUSD reversed in the European session back down to 1.2100. It briefly retraced going into the U.S. session before running into sellers at 1.2123. A short was taken after the double top and continuation lower – risking 15 pips for a potential 32 pips to our daily target at 1.2077.
The EURUSD continued lower and we closed the trade at our target. Although PM Johnson will be dining in Brussels tonight, contentious issues remain and he has stated that walking away without a deal is “okay” too… if an agreement cannot be made. Expect more twists and turns as negotiations continue in the meantime.
The GBPUSD remains very volatile and if one is inclined to trade it, tight stops and locking in profits quickly is a sound tactical strategy.
Good luck with your trading!
