The financial markets are concerned about a broad-based regulatory crackdown in China which sent equity markets downward around the world today. The USD was unable to benefit from the declines while the Euro made another run above 1.1800.
A long was taken early in the U.K. session risking 11 pips for a potential 41 pips to our daily target at 1.1821.
Our first target to get through was the Asian session low, followed by the 1.1800 figure, the Asian session high, yesterday’s high and finally our target price today. We were fortunate to be out of the trade in advance of the U.S. equity markets opening and the U.S. home sales release for June.
Summer trading continues to be most active in the GBPUSD and USDCAD of the majors.
Good luck with your trading!
