EUR/USD Technicals: 1.14 is on the radar!
Updated
The EURUSD pair has arguably been the highlight in the FX G10 market in the recent days. Printing its 9th bullish day, it looks like there's nothing to stop the pair reaching 1.14, followed by 1.1450, where sellers could finally decide to join the market again.
However, current levels don't provide an attractive entry point in term of risk/reward. A pullback to the 1.1150-1.1200 area could be used to enter with a long position again for those traders who missed the move.
My traders and I have been long on the pair since 1.11xx, and closed our longs after the strong initial spike immediately after the ECB meeting.
We've also entered with a new short at 1.1260 and closed our short at 1.1230, for a quick "Buy the rumor, sell the fact" trade. This one has also played out well.
However, current levels don't provide an attractive entry point in term of risk/reward. A pullback to the 1.1150-1.1200 area could be used to enter with a long position again for those traders who missed the move.
My traders and I have been long on the pair since 1.11xx, and closed our longs after the strong initial spike immediately after the ECB meeting.
We've also entered with a new short at 1.1260 and closed our short at 1.1230, for a quick "Buy the rumor, sell the fact" trade. This one has also played out well.
Trade closed: target reached
Target reached, trade closed.
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