The U.S. Dollar rose for another day with the Euro, Australian Dollar, New Zealand Dollar, and Great Britain Pound selling off overnight. With the initial move already completed, it’s not too late to take a trade and capture the remaining move.
GBPUSD is a pair late to react to the sell-off. While the risks of a wider stop persists now, GBPUSD just barely broke out of its trend-line with a EMA-60 cross-under confirmation.
This is actually the second trade I’ve undertaken with the first a short right at the moving average level. I don’t expect much movement this morning and maybe even a few upticks as covers start taking place.
On the other hand, I expect the Euro to continue to slide as the ECB began a 1.1 trillion euro ($1.23 trillion) bond-buying plan this year to spark inflation and economic growth.