fionnablack
Short

EURUSD sell off

FX_IDC:EURUSD   Euro / U.S. Dollar
As expected the ECB didn't make any change to its statement on the QE program and when it will wind up. This news sent the EURUSD down before the Super Mario conference that raised the EURUSD to 1.1658. Nothing Draghi said during the conference indicated that the EURUSD should show the strength that it did during yesterdays session. The Move up is largely premature and unsupported on a fundamental basis.

The US dollar sold off strongly yesterday on further news of Trump's Russian drama. This caused a side effect in rallying yesterdays EURUSD that will most likely see a pullback in the coming sessions.

Idea: Technicals and fundamentals are both strong for a retracement of yesterdays move up.

Cons: Late comers to the upward move could whipsaw the trade further long.

DISCLAIMER:
This is where I practice ideas and work on my trading techniques. This is not investment advice. Please note I am only providing my own trading information for insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal. Trade at your own risk.

Comments

absolutely correct. eur/usd to correct as its trading around the highest level in a year.
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