Strategy Video: EURUSD, EURJPY and EURAUD Break but Can They All Run?
• All three look to continue a general Euro-bear theme that has fundamental backing
• Yet, the fundamental themes that would carry the currency are not yet self-generating
On occasion, a number of appealing trade setups based on a single currency present themselves at the same time. Given my technical and fundamental views, that is the situation I find the Euro in now. I already have a EURJPY short on, but I have maintained plans to trade EURUSD and EURAUD given certain conditions. This past session, all three made meaningful moves lower; but there is an issue. Taking all three would be leveraging up on a short Euro trade. To do that, I would need to be very confident in the currency's slide. And yet, market conditions and fundamentals give me reason to pause. In today's Strategy Video, I run an analysis on the Euro with a mind to strategy and risk-reward.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.