Monthly Review: Profits Despite Recent Sideways Trend
Dear Traders,
We welcome you to the trading month of December. While November has proven very profitable for day traders yesterday’s trading was not to our liking as we had to give up some monthly gains with both currency pairs trading directionless sideways. The U.S. dollar was supported by better-than-expected private jobs data but the euro found some halt slightly above 1.0550. Our short-entry therefore failed to provide a sustained profit. The British pound seesawed between 1.2515 and 1.2420 and thus our daily entries were unfavorably triggered before prices reversed. On balance, however, we look back at a successful month in November with a profit of 509 pips generated by our daily signals, as well as 125 pips by our monthly swing signals.
Given investor’s risk aversion ahead of tomorrow’s U.S. non-farm payrolls report and the Italian referendum on Sunday, we do not expect huge market movements today. Nonetheless we will keep an eye on incoming data releases such as the German Manufacturing PMI (8:55 UTC), U.K. Manufacturing PMI (9:30 UTC) and ISM Manufacturing due at 15:00 UTC.
EUR/USD
The euro is still confined to a sideways trading range and we will wait for breakouts either above 1.0670 or below 1.0560. Euro bulls should however bear in mind that any upward movements might be limited until 1.0715.
GBP/USD
The cable seems to be headed towards a test of 1.2550 but let’s wait and see. Above 1.2560 the pound may climb towards 1.2670 and even perhaps 1.28. On the downside we will now wait for a sustained break below 1.24.
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We wish you good trades and many pips!
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