Good news so far for the EUR…
During today’s Asian session the main focus was the news that the EU had come to an agreement regarding migration during the recent EU summit.
This has been very supportive for the EUR during the Asian session and early London session so far.
Important Scheduled Economic events during today’s session to keep an eye on:
10:30 (SAST) | GBP will see GDP QQ and YY releases as well as Consumer Credit and Business Investments which will all be closely watched today
11:00 (SAST) | EUR flash estimate HICP (this is going to be very important for the EUR today so keep a close eye on this one
14:30 (SAST) | CAD will see GDP MM (important for CAD traders today)
16:30 (SAST) | CAD will have the release of the Business outlook survey (this will give the market the last clue on what the BOC will decide with their next rate decision so be careful with this one)
Our pair selection for today:
We have chosen the EURUSD as one of the pairs we will be watching closely today to look for trading opportunities.
EURUSD – H4
EURUSD – M30
Further comments on our pair selection:
This trade idea is based on the intraday strength the EUR has gained on the back of the migration agreement.
However, the EU summit is still running today and and potentially negative announcements from the summit will pose a risk to the trade idea.
Normally, a stronger EUR weighs on the USD so that is the main reason for the pairing we have chosen.
Also, keep in mind EUR has the release of their HICP, this risk event will be crucial for this trade and could create both short and long opportunities depending on the release outcome.
Update on AUDNZD trade idea from 2018.06.27
AUDNZD – H4 (chart posted on 27.06.2018)
AUDNZD – H4 (chart posted today on 29.06.2018)
We hope that some of you were able to take advantage of this trade idea, the market came back to the support area where we were interested in going long.
At the time of writing we closed one of the long positions we had running on this trade to lock in some profit. We have left the other position open for now.
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Risk Disclaimer: Forex Trading carries a high level of risk. It is possible for traders to lose entire trading accounts if they do not know what they are doing. This post is not an enticement, signal or recommendation to buy or sell any financial instruments. All of the information in this post should only be considered as general market commentary and should never be used as trading or financial advice.
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