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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!

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.