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First off, starting here on the EURUSD, we’ve been studying the top of the range, all the way up there towards the 1.1400-level. For the past several weeks, it’s a long-term range, going all the way back to January of 2015. As the market approached the top of the range, we were looking for opportunities to go short, selling on rallies into the resistance and potential reversal point for the EURUSD.
So, yesterday, taking a couple of different opportunities to go short at 1.1400. The first time seeing 20 to 30 pips of profit. Locked break even. Went back up. Got back in it again at the 1.1400-level, now sitting with about 36 pips of profit locked in. Can’t lose on the trade. Locked in five pips at this current moment, so looking to continue to protect profit as it continues to pressure down towards the next lower support targets for the EURUSD.
Another trade opportunity that we were looking at in the Trade Room yesterday was this support zone, right around the 111.00-level. 111.00. You could see support. Support. Support. The market was challenging there yesterday. We were looking for it to continue that boundary of support yesterday into the 111-level, so buying just above there. The market had a little bit of a different idea. If I zoom in a little bit, you could see the support levels there along the blue-shaded area, above 111. Market has now pushed a little bit lower, down into the 110.40-level.
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