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Cherry94
Apr 4, 2024 11:32 AM

Bad EU data momentum trade (Apr 3) Short

Euro Fx/Canadian DollarFXCM

Description

Fundamentals & Sentiment

EUR:
There was a lower than consensus Inflation data and a bad Unemployment print. I use these as triggers for a short-term momentum trade.

CAD: Canadian economy is doing better than EU based on the main economic indicators. CAD is undervalued based on a few market internals (not EURCAD pairs though)

Technical & Other

Setup: S(RTF)
Setup timeframe: 1h
Trigger: 1h
Medium term: Down
Long-term: Range
Min target: April 2 low
Risk: 0.27%
Other: expected a rejection from the heavy MAs

Trade closed manually

the price held above the MA + bad CAD data
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