Free Profitable Forex Newsletter
Hey! This is Philip with this week's trade idea of the Free Profitable Forex Newsletter!
Somewhat surprisingly, EURUSD managed to rally off the lows on Friday and it has continued to move up today - reaching the 1.1350 level. However, all the negative developments from the last week remain and this rally appears to have reached overbought levels in the short term.
It’s primarily driven by USD weakness as everyone is focussed on the upcoming Fed meeting in 2 days. The current levels close to 1.1350 in EURUSD provide a nice opportunity to enter short with a 1st target toward 1.1300.
Before the Fed meeting, the stop can be moved lower, either to breakeven or to a profitable level and hold the position during the meeting. In this way, we limit the downsides of holding the position. If EURUSD falls further after the meeting we would have excellent profits for no risk, while if EURUSD jumps, the stop would be taken with no loss.
The 1-hour chart is shown below:
- Around current levels (1.1335) and closer to 1.1350
Stop loss:
- Above 1.1360. Keep it tight as this is a tactical, short-term trade only.
Target:
- 1st target at 1.1300. EURUSD could continue even lower if the market refocuses on the EUR-negatives from last week.
Trade signals from the past week
(FREE + FULL paid newsletter)
- December 14, 2018 – Short USDJPY from 113.55, stop moved to breakeven and remains open into this week’s Fed meeting (featured in full and free newsletter)
- December 14, 2018 – Short EURJPY from 128.23, closed at 128.10 on Friday, before the end of the trading day = +13 pips (featured in full newsletter)
TOTAL: +13 pips in the past week
TOTAL: +668 pips profit since the beginning of October
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