E Another EUR/USD Long Opened Today

This is how my trades are now:

EUR/USD

Trading strategy: Long

Open: 1.1785

Target: 1.2015

Stop-loss: 1.1680

Recommended size: 1.90 mini lots per $10,000 in your account

Short analysis: Fourteen-day momentum turned positive and 7-day exponential moving average is going to break above the 14-day ema, which is a bullish signal. Friday’s close above the 23.6% Fibo of 1.2555-1.1511 drop at 1.1758 will support EUR/USD bulls. We used today’s dip to open a long position at 1.1785, in line with yesterday’s suggestion.

GBP/USD

Trading strategy: Long

Open: 1.3410

Target: 1.3675

Stop-loss: 1.3280

Recommended size: 1.15 mini lots per $10,000 in your account

Short analysis: The nearest resistance level is 30-day MA (currently at 1.3455), where Thursday’s gains were stopped. Weekly chart supports bulls. Lower wick on today's candle is also encouraging. We opened GBP/USD long at 1.3410.

USD/JPY

Trading strategy: Await signal

Open: -

Target: -

Stop-loss: -

Recommended size: -

Short analysis: USD/JPY bulls are under intense pressure after the market failed to sustain the break above 110.14 Fibo, 61.8% retrace of the 111.39 to 108.12 fall and the 200-DMA now at 110.19. USD/JPY bears are now focused on the tenkan line at 109.19, a daily close below which will weaken the structure further. We stand aside for now.

USD/CAD

Trading strategy: Await signal

Open: -

Target: -

Stop-loss: -

Recommended size: -

Short analysis: On the one hand, the US decision to raise tariffs also against Canada and the resulting breakdown in NAFTA talks has weighed on the currency. On the other hand, the BoC dropping the reference to being “cautious” on rates at its 30 May meeting has probably prevented a more intense sell-off beyond 1.30. The CAD firmed on strong wages data today, but trade tensions with the US and doubts about a new NAFTA agreement might add volatility in the near term. We stand aside.                                                    

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