Close Open Orders: 2007-03-21 01:20
It looks like currency markets are quiet at the moment as traders sit and wait for news to come out later today. EUR/GBP has been trading in a 5 pip range since about 7:00 pm EST yesterday. This is a good sign that we may see a breakout later today, especially with the Bank of England Meeting Minutes coming out at 5:30 am EST. Also, ECB President Jean-Claude Trichet will be speaking today. With so much uncertainty coming up, we will remove all open orders on this pair to avoid a breakout or whipsaw action.
Cancel open orders to go long at .6770
Trade Idea: 2007-03-20 10:02
We have a nice trade setup forming with EUR/GBP. The yearly UK Consumer Price Index came out this morning with slightly better than expected numbers at 2.8% versus the forecast of 2.7% on the headline, and inline on the core number at 1.7%. This brings the pair closer to a support area around .6770, where the pair stopped and turned on a dime back on March 12th.
Good luck and good trading!