Hello traders good to be back with you on a new trading week. Just a couple of notes as Japan is on holiday today. So we have a technical trading day and very light data. I would say place the scalping hat on and just grab your pips and get out.
OK today as we attempt to do every Monday is we look at the EURUSD. WOW what can we say this pair continues to dump and our trade plan is to stay with the trend and look for the pullback trade. I am looking for a pullback to the resistance and convergence of the daily pivot and the 55 and 200 EMA and look to sell this at the price level at 1.1081. I am looking to take profit at the 161.8 Fibonacci level at the price of 1.0994. This trade will take some time so we will be patient . I am looking to enter just before the London lunch.
Thank you traders and we will talk soon……..William