Trade Closed: 2007-10-26 09:42
1st half: +20 pips
2nd half: +40 pips
Total: +60 pips
We will continue to watch this pair to see if the bulls and bears battle it out at .7000 or if Euro strength takes it higher. Stay tuned!
Trade Adjustment: 2007-10-25 09:15
It appears we are back in the upswing after we saw positive data from the Eurozone and weaker than expected mortgaged data from the UK.
Our trade was triggered long at .6960 and we managed to hit pt1 during the morning European trading session. We have adjusted our stop on the remaining position to breakeven. Let’s ride this bad boy out and see what happens.
Stay tuned and good luck!
Trade Idea: 2007-10-24 15:15
The pair seems to also find support at the 240 MA’s, which has been a support in the past as shown in the chart. Stochastics are currently turning higher, indicating the short term down move may be a bit overdone.
Fundamentally, we saw positive Eurozone Current Account and Services PMI data, but a slight disappointment in Manufacturing PMI. Our risk in the UK is whether or not the Bank of England’s Monetary Policy Committee will cut rates in November. Analysts are indicating that a rate cut may not be necessary at the moment, but of course we’ll have to wait and see.