The ECB
rate decision and Mario Draghi’s press conference certainly had an effect on
EUR/USD, but it was not the effect I was hoping for. It is a good thing that I
tend not to trade during such major events, because a market that volatile
really is not to my taste.
That said,
despite the movement to the upside, I think it is unlikely that the downward
trend is over. It just means that we might have to wait a little longer before
the pair reaches 1.2200. I think that this movement to the upside just means
that we will have the opportunity to sell again.
nice rally for today.
ReplyDeleteEURUSD tried to rally during most of the day yesterday, but struggled to stay above the 10-day moving average and the pair gave up about half of the gains considering that the non-farm payroll numbers are release today. Most traders will be willing to get out of the market at the end of the day, as the volatility should pick up this morning. So rallies all the way up to the 1.2577 level will offer selling opportunities.
ReplyDeleteWhat a rally.
ReplyDeleteVery nice article. Thank you.
ReplyDeleteGreat assessment of the trade.
ReplyDeleteCertainly.
ReplyDelete