I will be looking to short EURUSD over the coming weeks.
Both the European Central Bank and the Federal Reserve are expected to cut rates this year. When banks cut rates, the currency usually falls. In the case of this pair, it will continue to be range bound due to both banks cutting rates.
For short term direction, we can look at economic numbers such as upcoming manufacturing numbers, employment numbers, inflation numbers, etc. Next week we have US and European manufacturing numbers. If European numbers come out weaker than expected, I will start adding my short positions on this pair.
My trade plan:
I will be looking for a retracement on Monday and Tuesday. On Wednesday I will wait until the Manufacturing numbers are released. If I see a bearish reaction, I will enter my short positions.
Both the European Central Bank and the Federal Reserve are expected to cut rates this year. When banks cut rates, the currency usually falls. In the case of this pair, it will continue to be range bound due to both banks cutting rates.
For short term direction, we can look at economic numbers such as upcoming manufacturing numbers, employment numbers, inflation numbers, etc. Next week we have US and European manufacturing numbers. If European numbers come out weaker than expected, I will start adding my short positions on this pair.
My trade plan:
I will be looking for a retracement on Monday and Tuesday. On Wednesday I will wait until the Manufacturing numbers are released. If I see a bearish reaction, I will enter my short positions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.