Profitable Trading Amidst U.S. Dollar Strength And Pound Weakness
MaiMarFX | Oct 11, 2016 07:42AM ET
It may not only be a golden October, but also a very profitable trading month. All of our October trades in the EUR/USD and GBP/USD ended in profit, resulting in a stellar performance on our trading account. Right now we are selling the EUR/USD at 1.1110 (currently more than 30 pips in profit) and the GBP/USD at 1.2280 (more than 25 pips in profit).
Despite the lack of market moving economic data on Monday, the U.S. dollar continued to strengthen against the euro and British pound. Short traders, therefore, continue to profit but we should remain vigilant as to potential corrections in both major currency pairs.
EUR/USD
The euro trades under pressure and recently broke below 1.1090. We now see next support levels at 1.1050 and 1.10 while on the upside, potential pullbacks could be limited until 1.12. Only a break above 1.1250 would change the bias in favor of the bulls.
The pound sterling broke below its new support at 1.23. Accelerated bearish momentum may send the pound tumbling towards 1.22 whereas any pullbacks might be currently limited until 1.2350/70. Above 1.24 however, we anticipate that the market will gain some bullish momentum towards 1.25.
Here are our daily signal alerts:
EUR/USD
Long at 1.1165 SL 25 TP 20, 35
Short at 1.1110 SL 25 TP 35, 60
GBP/USD
Long at 1.2370 SL 25 TP 25, 45
Short at 1.2280 SL 25 TP 25, 50
We wish you good trades and many pips!
Disclaimer: Any and all liability of the author is excluded.
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