Oops, That EUR/USD Trade Didn’t Last Long

Posted Friday, August 18, 2017 by
Skerdian Meta • 1 min read

We just opened a sell forex signal in EUR/USD. It was a good chart setup and we decided to sell, but that signal only lasted a few minutes and we already have the pips in our account.

The trade was based on the hourly forex chart. As you can see below, this forex pair made a decent retracement higher yesterday after the 100 pip decline following the ECB (European Central Bank) meeting minutes which showed concern about the elevated levels in Euro pairs.    

EUR/USD is stuck between two trend lines 

Although the 1.1750 level provided support last evening and it was doing the same this morning, the resistance together with the 100 SMA (red) provided solid resistance so we decided to open a short term sell forex signal.

It didn’t last that long, only a few minutes. The Eurozone current account numbers were published right after we opened that signal and they showed a decline, from around 30 billion Euros last month, to around 21 billion.

So, that was it; EUR/USD dived head first and it reached our take profit in no time. It’s a good start to the day, particularly now that our equity is clear of that trade, so we’re free to trade whatever trade setups or ideas we get in the coming hours.    

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