The ECB raised interest rates by 75 b.p. yesterday with hawkish talk of more rate increases to come. Canada too had raised interest rates earlier in the week by 75 b.p. This helped the EURUSD move above par during the Asian session today.
As the U.K. traders started their trading day, the pair surged higher but looked heavy above the 1.0100 figure. As price began to move lower, approaching its Asian session high, a short was taken with a stop loss above the high of the day… with the thinking that price might move back down to retest par and potentially get to our daily target at .9992. Price made its way toward yesterday’s high as we awaited the U.S. session to get underway. Locking in profit before a new session begins is a useful practice, from my experience. On the first candle, our trade was closed for modest gains.
My condolences to the British on the passing of their monarch Queen Elizabeth II. She was always a very welcomed guest when she visited our country and by all accounts a lovely lady.
Good luck with your trading and enjoy your weekend!
