Eating Our Words While Selling EUR/USD

Written by: Skerdian Meta • Thursday, July 6, 2017 • 1 min read

• Last updated: Thursday, July 6, 2017

In our last Forex update, we said we wouldn’t sell the EUR/USD, even though it has been trading in a downtrend the entire week and continues to do so.

Well, we´re not sticking to our word; we just opened a sell forex signal in this pair!

Actually, I said that we had 2 open signals, so it didn´t feel safe enough to have three short term forex signals at the same time, in addition to the signals on the other financial instruments we have.

But GBP/USD put up a fight about 30 minutes ago and jumped 60 pips out of the blue. I just checked all the economic calendars and forex news websites to see if I missed anything, but no, the jump in GBP/USD pulled EUR/USD higher as well, taking it to the 100 SMA on the hourly forex chart.

So, we decided to pull the trigger since our GBP/USD signal got smoked and our exposure was reduced. US unemployment claims will be released in a couple of hours, so my opinion is that the buyers won´t have the guts to push much higher and that´s the other reason we sold this forex pair, besides being overbought.

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ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.