Today is going to be a very slow day with little event to trade on.
The most important news today is the UK and US' PMI number. Even though they are expected to be bad, my statistic shows it is a better odd for them to beat expectation. On the other hand, I think EUR will be negative although not by much.
The sentiment for EUR, GBP and USD are:
- EUR: Net Short, heaviest in EURJPY but EURCAD and EURGBP are Net Long - GBP: Net Short, heaviest in GBPJPY but GBPNZD is Net Long - USD: Net Long, heaviest in EURUSD but AUDUSD is Net Short
I'd prefer not to take USD given the Tax discussion overhang. It has potential to gap USD. Choosing EURGBP for this quite day seems the most enticing risk-reward.
I'm in and will hold the trade through the EUR and GBP data release. Technical level to watch: 0.88 - 0.875
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EUR data was good so I took off 1/2 the position
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GBP data was bad so I'm out. Ending the trade with a scratch