Trade Idea: EUR/USD (Open)
I’m taking 1/3 usual volume shorting the pair @ 1.5690, will add a second and last 1/3 @ 1.5710, stop on all 1.5730, target 1.5640 for now.
The unit is way OB and out of bounds, but am just remembering what happened on Tuesday and…
EUR/USD comment
Apart from being out of bounds above 1.5670, there is one more technical evidence to look at the moment: If we take yesterday’s broken support line and draw the 3-line range, we’ll see that this morning’s highs were exactly the top of the original channel, while the projected line of that channel is found now around 1.5700.
If that level is seen without a retracement, going for a fast scalp should work fine.
EUR/USD out of bounds
Well, history repeats again… and Euro corrects in full Tuesday’s aberration to hit extreme OB levels and out of bounds as 1.5670 level is broken with the unit @ 1.5680 now.
If you like scalping, go for a fast short in Euro for a 1.5665 target aiming to see a correction off extremes now.
Trade Idea: EUR/JPY (intraday open and close)
The good thing of news is that their spikes sometimes bring nice surprises.
The intraday order @ 169.20 was triggered after the US data, and I find myself with 45 fast pips in the pocket on half position (+22.5 real), as the cross sold off very fast to 168.70 after that.
Data sends USD way down
The US economy grew @ 1.9% on a quarterly basis, vs the 2.2% expected, and that has sent the USD down very fast against everything.
EUR/USD up to key area 1.5660-70, USD/CHF pays off our trade very fast as the unit collapse to 1.0430, the heavy USD/JPY (anticipated here) collapses to 107.80 support, and JPY crosses move down (as expected) very fast.
All in all, just a way to justify techs, as usual. EUR/USD perhaps the trickiest case at the moment, but we’ve cashed some good pips in USD/CHF anyway.
Also, Canadian economy on a monthly basis grew below expectations, -0.1% vs +0.2% expected. Therefore, USD/CAD spiked to 1.0270 very fast on the bad data but retraced all that in no time as US data was also bad.
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