Re-entering a prior long position that was closed manually. Doji formed, Support Held, MA 13,34 cross bullish, MA 8,34 cross bullish, limited downside risk with stop below yesterday's lows 1.1569
Comment:
Fundamentally USD remains strong, economy good, rate diff good, fed hawkish.
Europe, and in particular the UK, have some challenges and dovish appears the current stance. This bodes for downward trend continuation in the EURUSD pair. Given the fundamentals, the sideways movement that began in early June would appear a correction for continuation rather than a reversal. However, that does not negate a potential long trade in the pair back to the 1.1850 area to retest previous highs of the correction prior to continuation. If following this practice, as always, one should proceed with caution and continuously anticipate spikes in price in either direction. Using stop loss orders is strongly advised and it is wise to remember that capital preservation is infinitely more important than capital appreciation (Survive to play another day).
Europe, and in particular the UK, have some challenges and dovish appears the current stance. This bodes for downward trend continuation in the EURUSD pair. Given the fundamentals, the sideways movement that began in early June would appear a correction for continuation rather than a reversal. However, that does not negate a potential long trade in the pair back to the 1.1850 area to retest previous highs of the correction prior to continuation. If following this practice, as always, one should proceed with caution and continuously anticipate spikes in price in either direction. Using stop loss orders is strongly advised and it is wise to remember that capital preservation is infinitely more important than capital appreciation (Survive to play another day).
Trade active:
Adding to position
Trade closed manually
TP (Partial 1/4 Position) 1.1714
TP (Partial 1/4 - 1/2 Position) 1.1750
Move stop on remainder to BE and let it ride.