Pick of the Day: EUR/USD – Trade Closed

Trade Closed: 2007-02-23 11:10

We just saw a broad based dollar selloff this morning. EUR/USD shot up along with the selloff and triggered our long trade. We hit our pt for 20 pips soon after! Close open short orders. Have a great weekend!

Total: +20 pips

Trade Idea: 2007-02-23 01:20

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Later today we have a potentially volatile reports out of the Eurozone with the German Ifo Business Climate Index and Business Expectations Index at 04:00 EST. These reports gives us a look at the general feel of firms by taking a survey of over 7,000 firms in construction, wholesale, retail, and manufacturing.

Traders will be waiting for the release to jump back into the market, and any surprise should bring EUR/USD out of its range. So, let’s be prepared for either a positive or negative surprise…

Short half position EUR/USD at 1.3100, stop at 1.3130, pt at 1.3080

Long half position EUR/USD at 1.3140, stop at 1.3110, pt at 1.3160

Remember to never risk more than 1% of your account on any single trade, so please adjust your position sizes accordingly.

Good luck and good trading!