The USD fell against most major currencies on Tuesday after U.S. inflation data for February came in line with expectations, suggesting the Federal Reserve remained on track to raise interest rates at a gradual pace. The dollar also lost traction after U.S. President Donald Trump fired Secretary of State Rex Tillerson and replaced him with Central Intelligence Agency Director Mike Pompeo, marking the biggest shakeup of the administration’s Cabinet.
This is how my forex trading strategies look like:
EUR/USD
Trading strategy: Long
Open: 1.2330
Target: 1.2580
Stop-loss: 1.2210
Recommended size: 1.67 mini lots per $10,000 in your account
Short analysis: EUR/USD has broken above the 30-DMA, currently at 1.2345, as support ahead of the key 1.2266 Fibo level, 61.8% retrace of the 1.2155 to 1.2447 rise, has propped the market. EUR/USD bulls now need a daily close above the 30-DMA this session in order to fuel a rise to our target.
Previous position: Short opened at 1.2300, profit taken at 1.2180, earned: 120 pips, $328 per $10,000 in your account.
GBP/USD
Trading strategy: Long
Open: 1.3780
Target: 1.4100
Stop-loss: 1.3640
Recommended size: 1.07 mini lots per $10,000 in your account
Short analysis: The GBP/USD is approaching the daily cloud top at 1.3997. Our long is in good shape. Daily momentum has flipped bull side and stochs are climbing again.
Previous position: Short opened at 1.3930. Profit taken at 1.3770, earned: 160 pips, $301 per $10,000 in your account.
USD/JPY
Trading strategy: Await signals
Open: –
Target: –
Stop-loss: –
Recommended size: –
Short analysis: The USD/JPY has broken above recent daily highs registered at 107.05 and 107.20 in March and important Fibo levels at 107.24/25, 38.2% Fibo 110.48-105.24/23.6% Fibo 113.75-105.24. Our short position was stopped.
Previous position: Short opened at 106.20. Stop-loss hit at 107.20. Lost: 100 pips, $150 per $10,000 in your account.
