A few hours ago, GBP/USD jumped around 60 pips and it pulled EUR/USD higher as well. EUR/USD climbed to the 100 SMA on the hourly forex chart, while both technical indicators at the bottom were overbought.
So we decided to open a sell forex signal at the 100 SMA. It seemed like a good opportunity at the time, but the US economic data was coming, so there was a bit of risk in this trade.
The previous candlestick looks bearish, so hopefully, we´ll see a reversal soon
The US ADP non-farm employment change declined this month, while trade balance and unemployment claims came out pretty close to expectations.
There was a little weakness in the USD after the miss in employment numbers, but that didn´t hurt the Dollar. The ECB meeting minutes were released as well today and they sounded a bit hawkish.
They discussed removing easing bias. That sounds very hawkish at first, but they just discussed it, it´s not like the ECB is taking any actions tomorrow.
Besides, the rhetoric has shifted from dovish to hawkish in the last few months, so that´s not such a big surprise, hence the small jump in EUR/USD.
Right now, the price has stalled and our forex signal in this pair is still alive. By the way, we closed our AUD/USD signal manually just now for some nice profit.
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