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Here’s an update on my EUR/USD position from last week!

EURUSD

Although I know that my trade idea is still very much valid, I decided to take my positions out ahead of the FOMC statement. I would have done a move-stop-to-BE action like Happy Pip is brilliantly doing with her AUD/USD and USD/CAD trades but I didn’t have the luxury of price being far from my entry (just 3 pips!) It also didn’t help that EUR/TRY’s price action was killing the euro during early London session trading.

In a few hours we’ll see Bernanke’s last FOMC statement and you can bet your neighbor’s cat that EUR/USD will be one of the bigger movers if the Fed decides to taper some more or to disappoint expectations. In any case, I’ll still be watching EUR/USD closely and look for possible entry areas around the SMAs and trend line.

How about you? Did you take off positions ahead of the announcement too?

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.