EURUSD Short
Updated
Riding the current short-term bearish trend with USD recovering after jobs and PMI data last Friday bolstered Fed hike bets next month, and EUR dropping from dovish ECB and general uncertainty over actual QE deadline. Setting up sell stop orders a few pips below S2 pivot line (hourly chart) with TPs at S3 and S4, and SL near base pivot line.
dailyfx.com/forex/fundamental/us_dollar_index/daily_dollar/2017/11/06/EURUSD-Vulnerable-to-Further-Losses-on-More-Cautious-ECB-Rhetoric.html?DFXfeeds=forex:fundamental:us_dollar_index:daily_dollar
blogs.uoregon.edu/timduyfedwatch/files/2017/11/FedWatch11617-2bqiamg.pdf
Weekly:
Daily:
Confidence: B (any change in the dovish tone during the speeches of ECB officials this week might reverse its current bearish trend and continue the previous bullish trend; any disappointing news about the passing of tax cuts in the US will affect USD's rally in the short-run)
dailyfx.com/forex/fundamental/us_dollar_index/daily_dollar/2017/11/06/EURUSD-Vulnerable-to-Further-Losses-on-More-Cautious-ECB-Rhetoric.html?DFXfeeds=forex:fundamental:us_dollar_index:daily_dollar
blogs.uoregon.edu/timduyfedwatch/files/2017/11/FedWatch11617-2bqiamg.pdf
Weekly:
Daily:
Confidence: B (any change in the dovish tone during the speeches of ECB officials this week might reverse its current bearish trend and continue the previous bullish trend; any disappointing news about the passing of tax cuts in the US will affect USD's rally in the short-run)
Trade closed: stop reached
Should have set my sell stop order at least right in the middle of S1 and S2 to make room for the uncertainty the lack of news catalyst brings (only ECB speeches for this week). I'm still bearish for this pair but will wait for a confirmation candle next week.
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