Sentiment from the PPI poor numbers and the NAFTA deals (CAD strength pressures the Dollar). CPI US later some market experts believed a slow down numbers as well. I am trading into this risk. Technically, USD across the board failed to break levels to continue the bullish USD trend.
If current candle closes as Bullish Engulfing cande (1) , then I will LONG it with risk 0.33% of my account. Stoploss would be just few pips under the Daily Pivot. If price reverses and test the daily pivot (2), then I will add in to my position. I am not ruling out resistance at 1.16500 hence my very small risk for trade (1). A bullish engulfing candle at the pivot (2) will give me conviction that the EUR bid would continue again today.
If there would be a strong bearish engulfing candle happens below the daily pivot, then I will re-assess my trading plan today and make a bearish EURUSD plan.
*ECB Press Conference today
*BOE Bank Rate today
So be careful
If current candle closes as Bullish Engulfing cande (1) , then I will LONG it with risk 0.33% of my account. Stoploss would be just few pips under the Daily Pivot. If price reverses and test the daily pivot (2), then I will add in to my position. I am not ruling out resistance at 1.16500 hence my very small risk for trade (1). A bullish engulfing candle at the pivot (2) will give me conviction that the EUR bid would continue again today.
If there would be a strong bearish engulfing candle happens below the daily pivot, then I will re-assess my trading plan today and make a bearish EURUSD plan.
*ECB Press Conference today
*BOE Bank Rate today
So be careful