Quote of the day: Continuous effort, not strength or intelligence, is the key to unlocking our potential. — Winston Churchill
Trading strategy: long at 1.3200, stop at 1.3170(0.5% risk), 1st objective at 1.3250, 2nd objective at 1.3330
The greenback fell against its major counterparts after Fed said yesterday that it “will provide additional accommodation if needed” as the recovery and job growth have slowed – damping demand for U.S. assets, but increasing demand for Gold – which rallied to record highs above 1290, where it is conserving gains at time of writing. The euro gained over 200 pips, breaking above interim barrier at 1.3150, aiming last month’s top at 1.3330. As mentioned in my yesterday’s article – I remain bullish on euro unless weakness to 1.2900 arise. Therefore, buying on break higher – like yesterday – or on dips to former resistance regions, such as 1.3150, seem good plans for now. Current exchange rate is 1.3293 @05:45 GMT.
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Have a great day and happy trading!