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Trading Ideas 28/1/22

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EUR/USD

Long @ 1.1180

Short @ 1.1125

GBP/USD

Long @ 1.3420

Short @ 1.3375

DAX® (GER30)

Long @ 15460

Short @ 15410

ETH/USD

Long @ 2460

Short @ 2390

Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.

We wish you good trades!

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Copyright © All Rights Reserved 2022 MaiMarFX.

www.maimar.co

Surprise Means Profits

Surprise, surprise. The Bank of England raised interest rates by 15 basis points for the first time since the beginning of the crisis. The hike came as a surprise for many market participants and has thus sent the pound surging against other peers. As traders, we were able to catch the big fish in the GBP/USD with our long entry at 1.3270 hitting precisely its profit target at 1.3370 before price reversed.

The European Central Bank will wind down its emergency stimulus as planned in March. As for rate hikes, ECB President Christine Lagarde said that a rate increase in the euro zone isn’t going to happen any time soon. The EUR/USD hit a two-week high at 1.1360 but remained below crucial resistance levels. We profited with our long entry at 1.1310.

We will save our weekly profits and wish everyone a good weekend.

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Profitable Trading Day For Sterling Bears

Dear Traders,

What a trading day – at least for sterling traders that sold pounds on the initial exit polls. Before we start to explain the reason for sterling’s knee-jerk decline let us allow to be enthusiastic about our short trade which has hit the profit target of 140 pips within less than one minute after initial results showed the U.K. faces a hung parliament. We hope that many of you were also able to capture the profitable downward move in the GBP/USD, even though some orders may have got triggered a few pips lower due to high slippage.

In sum, the U.K. vote is a disaster for Theresa May as the ruling Conservative Party is falling short of an overall majority. A hung parliament is considered a nightmare scenario for sterling investors as the U.K.’s course and Brexit path are much more uncertain now. We remember that Prime Minister Theresa May has called this snap election to win a comfortable majority but the opposite happened: the Conservatives are losing seats instead of winning seats. Consequently, May lost her bet. She will now need to resign or try to form a new government.

The pound dropped as much as 2.5 percent on the new round of political uncertainty. The 1.27-level served as a short-term support but if the pound drops below 1.2690 we could see further losses towards 1.26 and 1.24. If the pound climbs back above 1.28, we expect a resistance to come in at 1.2850 and 1.29.

The ECB decision and testimony from former FBI director Comey did little to impact the price action in the euro and U.S. dollar. The EUR/USD traded slightly lower on Comey’s testimony but remained within a narrow trading range between 1.1265 and 1.1180. As long as the euro remains confined to a sideways range of 1.1285 – 1.1150, there is nothing new to report.

With no major risk events being on tap today, the price action could be muted.

Have a good weekend and remember to secure your weekly profits.

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We wish you good trades and many pips!

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Copyright © All Rights Reserved 2017 Maimar-FX.

www.maimar.co