How Do We Make Money Today?
My immediate reaction following Friday’s stronger than expected US Employment data is to look for levels to buy USD.
But as per usual after such a big release there isn’t a load of good technical set ups available. But today is a little different as EURUSD does have a good technical support level on the downside to focus on.
Understand Monday’s aren’t the best trading days. The market has to reconnect after a 2 day break and that means loads of event risk. So usually the Monday opens are a little loose until full liquidity comes back into the market during the North American session.
So bearing this mind I think the EURUSD has potential but I’m not going to be committing too much cash to the opportunity. The good thing about the EUR is we have a bunch of German and Eurozone data releases to start the week.
If they are weak then it goes with Friday’s momentum and that should make it a nice trade!
Plus the other currency pairs that correlate with the Euro are edging lower so it just may be the Euro is lagging.
Otherwise I’ll be waiting for full liquidity before jumping in boots and all.
Trading Pairs to Focus On
EURUSD & EUR Crosses
Check our Next Best Trades list for full details as to why these pairs are in focus.
Today’s Fundamental Drivers
Plan the Trade, Trade the Plan!
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Make sure you don’t waste unnecessary time in front of the screens.
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Don’t worry about things that you can’t make…..chasing them will only cause problems (tiredness & irrational behaviour will take over).
Tune up your charts & get ready to trade…..see you in the 247 Trade Zone!