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I’m taking another chance at a trend trade!

EURUSD

This time I went long EUR/USD at market as soon as the euro zone’s manufacturing and services PMIs came in better-than-expected. Don’t forget that those snippets of good news came at the heels of the region printing a strong consumer sentiment! Of course, it also doesn’t hurt that Draghi is optimistic about the economy, saying that the economy is growing again although it’s not broad-based and unemployment is still high.

On the technical side, I’m seeing a bullish divergence, a retest of the 100 SMA and a rising trend line, and a 61.8% Fib bounce on the daily chart. On top of all that, price just went up and made new weekly highs!

I’m a little concerned that more tapering by the Fed will boost the dollar so I’ll be watching this setup closely over the next few days. For now I entered 0.50% of my account on a long trade at 1.3627. I placed my stop loss 150 pips away below the long-term trend line and I’m initially aiming for 1.4000 as profit target.

What do you think of this one? Got any tips?

XOXO,

Huck

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This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.