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Close Open Orders: 2008-07-08 11:15

EUR/USD retraced a bit higher as hoped, but missed our short entry orders as sellers stopped the rally around 1.5740 and pushed the pair lower. With the close of the European trading session fast approaching, I have decided to close our open orders for today.

Close open short EUR/USD orders. No trade.

Trade Idea: 2008-07-07 23:25

PoD Chart

What’s up my Forex friends! The Greenback has finally found a bid as we have finally gotten the expected ECB interest rate hike and US jobs data out of the way last week. Momentum has been strong for the Greenback, and with a little bit of retracement, we may see a further push down as traders may continue to bet that the ECB is finished raising rates for now…

So, I have a simple day trade idea for now on EUR/USD. I used the Fibonacci retracement tool to find possible resistance levels and with stochastics rising higher, we may see oversold conditions in the EUR/USD around the 50% Fibonacci area. If we see a retracement up to that area, I look to short there…..

Short EUR/USD at 1.5760, stop at 1.5820, pt1 at 1.5700, pt2 at 1.5625

Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.

Stay tuned for updates and adjustments. Good luck and good trading!

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