Is It That Bad in EU?

3 oct. 2024

Fundamentals & Sentiment

EUR:
- Market Internals
- Service PMI Beat after a gloomy series of news in EU (CPI, French deficit)
- Quite a bearish rhetoric of ECB

CAD:
- Some bearish comments
- Oil is subdued

Technical & Other

- Seeing euro decline as overdone, expecting shorts unwinding

• Setup: S(RTF)
  
• Setup timeframe: 4h
  
• Trigger: 1h
  
• Medium-term: Down
  
• Long-term: Range
  
• Min target: DMA(10)
  
• Stop loss: 0.27%
  
• Position size: ~0.5R
  

4 oct. 2024

Trade fermée manuellement

Closed manually shortly after NFP, not too far from SL. I was just slightly in profit prior to the release - took my chances as the SL was quite far. The correlation with the USD isn't so straightforward. -0.68R

4 oct. 2024

Note

Didn't close it immediately after the NFP though - I still hoped euro would follow the buck but it happened the opposite way instead.