Pick of the Day: EUR/USD – Close Open Orders

Close Open Orders: 2007-05-15 08:05

EUR/USD traded in between 1.3530 to 1.3560 during the Euro trading session as data came in mixed from of the Eurozone’s largest members. There were no trades triggered and ahead of the closely watched US CPI data out at 8:30 am EDT we will close all open orders.

Stay tuned for possible trade ideas after the CPI data and TICS data.

Trade Idea: 2007-05-14 23:17

Pick of the Day

Hello my friends! Welcome to another week of Forex trading! We have Eurozone GDP and other data coming out later today starting with German GDP at 2:00 am EDT. So, we may see movement throughout the Asia/Euro trading session with the focus on Eurozone GDP at 5:00 am EDT.

Economists are forecasting weaker growth, but it looks like this speculation is not being factored into the pair just yet as EUR/USD remains rangebound in between 20 to 30 pips. This type of environment usually leads to a breakout, so we will prepare for either a weaker or stronger GDP number.

Technically, the pair has been in a downtrend over the last week, and after a quick rise it looks like the pair is prime for another downturn. Also, stochastics are showing overbought, which may signal that the pair may be stalling before the downtrend resumes.

So we are short bias, but we will have a trade ready in case the market goes bullish on stronger economic growth. We will go in with half positions and tight stops to control our risk.

Long half position EUR/USD at 1.3570, stop at 1.3550, pt at 1.3600

Short half position EUR/USD at 1.3520, stop at 1.3540, pt at 1.3490

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

I will give an update to adjust/close trade ahead of the potentially volatile US CPI data tomorrow. Stay tuned!

Good luck and good trading