Good morning dear traders, EURUSD had no easy day yesterday. Especially the Euro was the whipping boy of the day. Don´t you think so? Sure, it was a perfect day for short traders, but ...
Profit of the day 57 pips.
After a range between 1.3370 and 1.34000 in the morning, it seemed as if EURUSD would win some more pips, however at 9 GMT there was free falling.
The positive news of Switzerland, Germany and the European Currency Union where only of short time.
After bad news of the deficit financing in Greece and very good news of the United States, the crosspair lost tremendously.
Trader, who read my daily trading signals and have been invested for short at 1.3360, could make nearly 100 pips in some hours in EURUSD. My profit target for the day was for 1.3280. However the swing low of the day was at about 1.3258.
Also in GBPUSD there has been some volatility. Especially short traders had good trading chances. The low of the day was at about 1.5341. Traders with a short entry at 1.5390 made nearly 50 pips.
EXPECTATIONS FOR TODAY´S TRADING DAY
How will the fight between Euro and Dollar go in the final round this week?
The most important news for today:
08:00 GMT - Germany - IFO - Business Climate, etc. 08:30 GMT - UK - Cross Domestic Product (this could be interesting) 09:00 GMT - European Currency Union - Industrial New Orders 11:00 GMT - Canada - Consumer Price Index, etc. (you can observe USDCAD) 14:00 GMT - US - New Home Sales (there could also be some volatility)
Thus, as you can see, there could be a lot of trading chances for today.
TRADING CHANCES FOR TODAY
Over the night EURUSD lost further.
Today morning (4:00 GMT) the crosspair is in a range between 1.3200-1.3290.
I would see trading chances for long above 1.3300 with take-profit at 1.3350-1.3390 and stop-loss at 1.3270.
For short there could be some chances below 1.3180 with take-profit 1.3110-1.3050 and stop-loss 1.3225.
GBPUSD has at the moment a range between 1.5325-1.5390.
Due to the interesting news from UK there could be again some nice trading chances today.
Breakouts for long could be possible beyond 1.5405 with SL 1.5370 and TP at 1.5450-1.5475.
Short possibilities could be possible beyond 1.5310, TP at 1.5265-1.5250 and SL 1.5350.
Always take care of your stop management.
TRADING TIP OF THE DAY
„This time it´s your turn. Send me your best trading tip to email@example.com and you can win my daily trading signals for 1 month or my trading ebook „The Trading Coach I wish you all the best for your Forex trading today and a happy weekend Berndt Ebner
Performance April 2010: 505 pips (9 trading days)
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