MP FOREX ADVISORY

Archive for the ‘eurusd’ Category

We saw quite a bit of choppy price action today.  The GBP/USD suffered early in the European session after the release of a terrible British Manufacturing Report.   The EUR/USD, after an initial drop to around the 1.3543 level, surged late in the European session to a stone’s throw away from the 1.3700 level before closing for the day around 1.3643.  We entered some trades today in the GBP/USD, which we decided to close for a very small profit after receiving an alert from one of our volatility filters.  Tomorrow, we will look to the US Unemployment Report, along with the US Trade Balance Report for direction. 

Today, we entered a short position in the EUR/AUD, which was spread across multiple price points.  Our price target was never reached and we ended up cutting the trade just before the beginning of the Asian session in order to reduce our exposure.  After several weeks to the down side, it appears that the EUR/USD may be forming a reversal or at least retracing some of the recent decline; we will look for confirmation of this as we proceed through the week.

Today we entered short positions in the GBP/USD, the USD/JPY, and the EUR/USD, and we generated profits in all three pairs.  Today was yet another extremely volatile day with both the GBP/USD and the USD/JPY more than doubling  their respective recent daily average price movement. 

Yesterday, we were able to bank some profit as we traded higher than normal volume – entering 4 different currecy pairs:  the EUR/USD, the AUD/NZD, the AUD/USD, and the GBP/USD.  By far, our best trades were our short positions in the EUR/USD.  Today, we have remained on the sidelines thus far as market volatility has remained much higher than normal right into the afternoon hours.  It appears that the Euro may be poised for further declines as we head into the Japanese and European sessions.  The critical area of support in the EUR/USD is around 1.3440 – the low registered on 2/18.