EUR/USD SELL IDEA

Hey tradomaniacs,

EUR/USD has shown another strong fakeout at the MONTHLY Key-Resistance which could give us a great chance to short the peek.

Another retest of the intradays High-Volume-Note should show us whether this is a likely scenario or not.


EUR/USD: Daytrade-Preparation

Sell-Limit: 1,21175
Stop-Loss: 1,21420

Point-Of-Risk-Reduction: 1,21000
Take-Profit: 1,20720

Stop-Loss: 25 pips
Risk: 0,5% - 1%

Risk-Reward: 1,86

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Peace and good trades
Irasor

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Comment:

Market has been a mess today looking at liquidity and correlations.

Nothing makes sense ahead the Non-Farm-Payrolls tomorrow as usual which is why I will stay out for today.

I overall expect manipulation of MAJORS by the market ahead our important event due to the low volume.
There is currently absolutley no reason why the US-DOLLAR should fall like now considering that YIELDS, Stockmarket and Commodities are all stable or more kinda bearish.

Japanese YEN had a very strong impulse today showing demand even though stocks are not falling (pre-indication for hedges)?

Institutional traders are overall more bearish on pairs like EUR/USD and probably push the price up as lots of retailers try to sell the peaks.

By the way:

When you look at the previous U.S. INITIAL JOBLESS CLAIMS you can calculate a likely result for the upcoming Non-Farm-Payrolls.

It doesn`t look good so far looking at the forecast.

However, I expect some dumps tomorrow and will patiently wait for confluence.