This week, EUR/USD was subjected to increased volatility, with initial gains (a high of 1.2446) giving way to losses toward the end of the week. The weakness appears to have coincided with the ECB meeting and press conference, something which we find somewhat surprising. Aside from the dropping of the easing bias (and the generally constructive tone on economic activity), we could not find anything fundamentally bearish in the central bank’s message. News on the US administration signing import tariffs on steel and aluminum might have also played a role, though we doubt that they will be fundamentally supportive of the dollar.

This is how 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: Yesterday's corrective move was rejected today and a bullish hammer is forming on a daily chart. This may suggest a continuation of the bullish trend in the coming days.

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 bounced from the daily cloud support (1.3780) and is trying to pierce 14-day EMA now. A close above this level would be an important bullish signal and give some hope to our long position.

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: Short

Open: 106.20

Target: 104.20

Stop-loss: 107.20

Recommended size: 1.58 mini lots per $10,000 in your account

Short analysis: Our USD/JPY short is struggling. The pair broke above some important short-term moving averages. Now we see some strong resistance ahead: 107.17 (23.6% retrace of 113.38-105.26 drop), 107.20 (daily high on March 1) and 107.24 (38.2% retrace of the 1110.48-105.26 drop).

Previous position: Short opened at 107.80. Profit taken at 107.40, earned: 40 pips, $53 per $10,000 in your account.

USD/CAD

Trading strategy: Short

Open: 1.2825

Target: 1.2635

Stop-loss: 1.2915

Recommended size: 2.27 mini lots per $10,000 in your account

Short analysis: The CAD strengthened against the USD today, as Canada was exempted from U.S. metals tariffs and domestic data showed that employment rose in March. The CAD was also supported by oil prices. The price of oil, one of Canada's major exports, rose amid optimism over a planned meeting between North Korean leader Kim Jong Un and U.S. President Donald Trump. We've opened short at 1.2825.

Previous position: Short opened at 1.2820. Stop-loss hit at 1.2930, lost: 110 pips, $150 per $10,000 in your account.

AUD/USD

Trading strategy: Long

Open: 0.7805

Target: 0.8010

Stop-loss: 0.7705

Recommended size: 2.00 mini lots per $10,000 in your account

Short analysis: The AUD/USD is going to close above 21-Day SMA, a crucial resistance level. A close above this level would open the way to 0.7893 and 0.7986 levels.

Previous position: Short opened at 0.7845. Profit taken at 0.7785, earned: 60 pips, $180 per $10,000 in your account.

EUR/GBP

Trading strategy: Long

Open: 0.8880

Target: 0.9010

Stop-loss: 0.8815

Recommended size: 1.12 mini lots per $10,000 in your account

Short analysis: We used today's dip to open long position at 0.8880. 14-day momentum is positive and we target 0.9010 now. Stocks are running sharply lower, which is a bit worrying.

Previous position: Short opened at 0.8790. Stop-loss hit 0.8830, lost: 40 pips, -$100 pips per $10,000 in your account.