Wednesday, May 6, 2015

EURUSD Sell Recommendation May 7th 2015

Currency Pair: EURUSD
Timeframe: Hourly Chart (H1)
Recommendation: Sell EURUSD @ 1.1340
Take Profit @ 1.1140
Stop Loss @ 1.1390

The rally in the EURUSD was very powerful and long-term I think it will continue, but I do expect some profit taking to occur which will drop this currency pair down to its support level. Forex traders may ope to lock in profits ahead of tomorrow's NFP report out of the US.

I am looking for roughly 200 pips, but the NFP report is a wildcard. Should I have more than 50 pips in floating profits prior to tomorrow's release I will exit this trade. Given the close proximity to an important release make this a higher risk trade.



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