Where now for the EURUSD?
Good morning one and all! It is good to be with you to cover the session for today and Monday while Justin takes some well earned R and R. A flush of European PMI's coming up from 0815 BST should get the fire burning on the EURUSD pair. For now it is sat right on top of the option expiry level at 1.1875. The USD has given back some of it's post FOMC gains and this next set of data from Europe could accelerate the EURUSD higher (and the DXY lower).
So, one thing to remember is that these European PMI's are mainly sentiment based rather than 'hard data'. You would expect more optimism as lock downs lift, so bear that in mind for the bigger picture thinking. For now, strong PMI prints will send the EURUSD higher towards 1.19000.
So, what's your trade ideas for the day? Looking to get back into gold? Perhaps a venture into copper? I closed my copper longs and am looking for a decent retracement or breakout to get back in.
Today for our song I will be choosing the epic Smashing Pumpkins song, 'Today'. Enjoy !
