The EURUSD made a series of four lower highs today and a short was taken after it cleared its Asian low during the U.S. session overlap… risking 20 pips for a potential 69 pips to our daily target at 108.82.
As price continued lower, we locked in profit taking the risk out of the trade. The pair had traded in a very tight range all day and a move to our daily target or to the 109.00 figure would have been very nice before the U.K. close. I stayed in the trade for a few minutes after the U.K. close before closing it, but the pair tends to move less after the U.K. session.
Wednesday will be a light economic news day in the U.S. until the FOMC meeting minutes. The U.K. will have Construction PMI and Canada will report Ivey PMI. Thursday’s Initial Jobless Claims in the U.S. are closely watched followed by the Employment numbers for Canada on Friday.
Good luck with your trading!
