Fed Day volatility has been the rule across all asset classes. For the EUR/USD, rates are on the bear. If we get a pullback on Powell’s presser, a short scalp may come into play.
Here’s the short scalp idea:
Sell from 1.1344 (Daily 38% Fibonacci Retracement)
Stop loss at 1.1357
Profit target at 1.1331
1:1 risk/reward ratio
This is a counter-trend trade that may go during today’s Fed Announcements. It is higher risk, so use the stop loss and watch the position size.
Here’s the short scalp idea:
Sell from 1.1344 (Daily 38% Fibonacci Retracement)
Stop loss at 1.1357
Profit target at 1.1331
1:1 risk/reward ratio
This is a counter-trend trade that may go during today’s Fed Announcements. It is higher risk, so use the stop loss and watch the position size.