Euro bulls were nowhere to be found during today’s EU Summit held to discuss Greece’s debt problems. The EUR/USD currency pair fell more than 100 pips during the 4 hours between the New York open and the London close.
The US dollar continued its recent strength across the major currency pairs during a day light on economic reports. A blend of fundamentals and technical analysis pointed to the EUR/USD as a viable prospect for a short trade at the open of the New York session. Pivot points and currency correlation provided excellent guidance on selection of the profit target for a 60-pip trade on the euro.
Capital preservation was a valid position today, as the US dollar consolidated after losing ground against most major currencies during the Asian and London sessions. A 55-pip scalp trade on the GBP/USD currency pair was arguably the best setup today’s New York session had to offer.
Great forex currency correlation today. This helped us trust our forex pivot points when creating our forex trade plan for the day. Once the M4 held the GBP up, the EUR was cleared for take off. Resistance was broken and profit levels at the forex Fibonacci Extensions of 138.2% and 161.8% were achieved. Live FOREX Training | Everyday www.fxbootcamp.com
The US dollar firmed as an already steep Treasury yield curve got even steeper during today’s New York session. The greenback’s rally lifted the USD/CAD currency pair after it bounced at a 3-week trendline, Fibonacci retracement level, and daily S3 pivot point. The USD/CAD long trade yielded 70 pips before today’s London close.
StrategyDepot.com Forex Trading Strategy presentation. Visit us today at StrategyDepot.com for Unlimited Access to all Forex Strategy eBooks, Training Videos, Forex Training Articles, and MetaTrader 4 Experts.