We got what we have been braced for: A profitable breakout in both EUR/USD and GBP/USD. The surprise strength in U.S. retail sales raised the prospect of a Federal Reserve taper and thus strengthened the U.S. dollar. The Fed’s FOMC meeting next week is now another possible source of volatility as market participants await clues about the taper time-line and eventually interest rate hikes.
The euro dropped below 1.18 and extended its slide to the support zone around 1.1750. We went short at 1.1790 and took advantage of that bearish move.
We also went short at 1.3820 in the GBP/USD yesterday and profited from the greenback’s strength until 1.3780.
Today we will save our weekly profit and will wait for the next week to offer some profitable movements.
Good weekend everyone.
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