Forex & Oil Trading

EUR/USD…Greece we are coming!!!

Hello Friends and Traders,

There was a long lasting sideways range in the EUR/USD chart. However, I had some fine trades in GBP/USD & Oil.

Profit of the day: 52 pips.

In the morning I did not expect this result, it was a bank holiday in the UK and there have often been false break-outs, mini trades with only a few pips.

Looking Back
After a range between 1.3205 and 1.3250 the course of EUR/USD and GBP/USD lost a lot after Germany’s Chancellor Angela Merkel promise for the Greek aid package.

It seemed as if the whole world was waiting, will it go further on with Greece.

Further the economic news of Switzerland, the European Currency Union and USA has been positive.

However, let’s stop talking here. It is more important, how the markets will go on today.

High Impact Announcements for Today
09:30 GBP Manufacturing PMI
15:00 USD Pending Home Sales m/m

Medium Impact Announcements for Today.
07:00 EUR German Retail Sales m/m
09:30 GBP Net Lending to Individuals m/m
15:00 USD Factory Orders m/m

However, let’s wait and see. I would expect more movement in GBP/USD than yesterday; also in EURUSD it could be more volatile when Wall Street opens.

When the markets are trending sideways like they are at the moment, they can be more difficult to trade.

Forex Trading Chances for Today
EUR/USD
EUR/USD lost a lot this morning due to the finished Greek package of the EU.
Today morning 04:30 GMT the cross pair is in a range between 1.3186-1.3214.
I would see trading chances for long above 1.3230 with take-profit at 1.3295-1.3320 and stop-loss at 1.3190.
For short there could be some chances below 1.3170 with take-profit 1.3120-1.3070 and stop-loss 1.3195.

GBP/USD
For GBP/USD it’s the same picture. The cross pair is now in a range between 1.5230-1.5264.
I would see trading chances for long above 1.5285 with take-profit at 1.5340-1.5360 and stop-loss at 1.5245.
For short there could be some chances below 1.5210 with take-profit 1.5140-1.5100 and stop-loss 1.5260.

Always take care of your stop management.

Trading Tip of the Day

Always check your trading and look at different time scales.
What can you see?
Look at the 4-hour-chart, 1-hour-chart, etc. Until you reach your favourite time scale for trading your given strategy. You will see a different view point and this could aid your trading.

To Your Trading Success