BombayBulls
Long

Trading Opportunities in EUR and AUD Today

FX:AUDUSD   Australian Dollar / U.S. Dollar
16 0 0
Yesterday's price action in EUR is reminder of fickle nature of Forex world. At one point we were 80 pips in the money and then EUR fell like a rock. That's the reason we like to book profit at interim levels and we always lock in profit as soon as the position is +20 pips and then manage the position actively. Anyway, EURUSD             didn't turn out to be a Christmas present trade shooting all the way to 1.20 but still 70+ pips on 2/3 of the position is better than nothing ;)
Today also let's start with Euro             first. Euro             is down but still not out. In our opinion there are two possibilities today.
1.) Euro             get a base from here around 1.1375 and start going here. In that case we are not inclined to chase it and will look for better opportunity next week.
2.) If Euro             drops to 1.1300 then it becomes interesting and gives us good risk reward to trade it from long side to fetch few pips.
For Australian dollar             , similar opportunity can arise if it drops to 0.7200 or 0.7150. Let's see how the day evolves :)
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