After moving down during the Asian session, the EURUSD moved higher at the beginning of the U.K. session… which is more often than not a trap. We awaited a pull back which completed with a reversal pattern. A long was taken risking 11 pips for a potential 41 pips to our daily target at 1.2173.
Price moved slowly higher to test its Asian session high, where we moved our stop loss to a profit stop as the U.S. session was about to get underway. Price made a brief surge higher then moved sideways awaiting the CB consumer confidence release. Price moved higher after the release to our target where we exited the trade.
The majors were looking very tradeable today as they were moving with strong correlation to each other.
Concern regarding the U.S fiscal stimulus package, vaccine distributions and covid variants continue to weigh on the markets.
The U.S. core durable goods orders are scheduled for release tomorrow followed (after the U.K. close) by Fed Chair Powell’s statement.
Good luck with your trading!
