EUR/AUD is playing games today; it missed the take profit target for our sell forex signal in this pair by a mere pip. The price is still below the 50 moving average, which we highlighted in the first market update today and the EUR/AUD signal is about 10 pips in profit, so we´re still on the attacking side here.
However, another trading opportunity arose a few moments ago in another pair. Yes, you guessed right. It´s been the love of our life in the recent months and, of course, it´s the one and only EUR/CHF.
This forex cross pair has been trading near the top of the range in the last couple of days around 1.0740. I´ve been watching and waiting for it to slip lower and it finally did about an hour ago.
Forget the big green bullish candlestick at midnight, it´s a gift from my forex broker.
We know the SNB (Swiss National Bank) is waiting in the shadows to buy this pair around here. It´s been doing it for months now since the 1.08 support level let go.
So we decided to buy this pair once again today and I´m pretty confident we will get our reward from it. We´re already in profit as the price started to climb higher. It doesn´t look like an intervention from the SNB, but forex traders know the SNB is watching closely and EUR/CHF sellers know their limits.
Profit taking, reverse trading, or just buyers buying at a support level; whatever the reason, we´re happy to grab any free pips in the market. So, let´s sit it out until we reach our target.
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