The market is creeping across trend lines and Fibo levels, but not moving with any conviction. This kind of market is pretty difficult. Nevertheless the slight tilt is towards dollar strength. I have closed the GU long for -24 pips and gone short. Also entered a new EU short. I’ve kept the stops a little away from the key resistances, with the idea that if the pairs reach that level it would be a clear indication that the level has broken decisively.
Closed GU long at 1.5353, -24 pips. Now short GU at 1.5353, SL at 1.5412.
Short EU at 1.3197, SL at 1.3235.
Update 7.00 gmt:
As I finished the post EU spiked up to above 1.3220 and GU has just jumped to near 1.5380. I’ve closed both positions.
EURUSD: closed at 1.3216, -19 pips.
GBPUSD: closed at 1.5378, -25 pips (almost exactly the same loss as when I closed the long just a few minutes ago!).
I didn’t think a minor data event like French PMI would cause such a sharp move. It shows liquidity is very thin, everyone is on the sidelines waiting for the UK GDP tomorrow.