Trade Of The Day: EURUSD Short Squeeze

EURUSD – Squeezing shorts to target August highs

EUR reached a high of 1.1489 this morning due to bad data from the US economy, having lower growth and inflation, causing dollar to weaken. While US data was disappointing, Euro area data was also lackluster, where notably that labour conditions tightened across all districts and wage growth was depressed except for skilled work. In the near term look for the market to pay more attention to disappointing US data.

Price is pressuring 1.15 offers, while 1.14/1.1380 supports downside reaction bulls now targets 1.1740 as the next upside objective

Trade Idea

  • I want to position long against 1.13 monitoring intraday reversal patterns at 1.14 targeting 1.17
  • This trade is supported by bullish Order Flow and an increasing bearish retail trader sentiment

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