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Closed Trade: EUR/USD LONG 8/31/2017

Mosaic 55 - Forex

Closed Trade: EUR/USD LONG 8/31/2017

Long EUR/USD at 1.1889  on 8/31/2017.    Initial Stop Loss  1.1822

Exit: 1.1914

GAIN: 25 pips

The USD has been under assault in recent months having been steadily sold since the start of the year when calls for parity with the Euro were common place. Our attempt to join this trend came at a time when the USD finally began to show some life. As the EUR/USD approached and briefly surpassed 1.2000 before pulling back our system signaled a trade on the hourly chart as signs of the USD countertrend rally were beginning to fade.

Unfortunately in trading there is no such thing as a sure thing and after initially appearing as if we had entered on the right side of the much anticipated monthly employment report our gains were quickly taken back and we thought it prudent to lock in what we had for a small profit. It seems that the USD rally may not have completely run its course.

 

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