In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we see a big move south for the euro and we have taken note of yesterday’s volatility in the EURUSD.
Off the back of Draghi’s press conference, the EURUSD started to plummet to the downside. This is mainly due to reductions made to eurozone growth. As a result, we have seen fundamentals, sentiment and technicals all pushing the EURUSD lower with a close below a long-term period of consolidation.
This is very significant from a technical perspective because we see a high probability trade below yesterday’s low of 1.1176. However, we will be looking to book in any profits before 1.30pm UK Time when the NFP figures will be released. We can always look to get back in once we know the figures.
Big Move South for the Euro – Full Video Analysis
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