Buy EUR/USD and Sell DAX
We have been through a very volatile trading day! There were quite a few opportunities for intraday trading. But since I am giving mostly Daily signals (which in most cases are the best), I will stick to my favourite trading style! The trade from last time- Short DAX did materialise, but if you have strictly followed my trading idea from last time, you have probably been stopped out. The price did retrace 30-40 points more than what I have anticipated and then retraced all the way down, breaking the 9800 barrier. The day has closed with a bearish engulfing pattern, which is giving me another sell indication. I will be looking to enter into a short trade tomorrow at around 9750. My stop-loss would be placed just above 9970. The primary target is the level of 9450. Then, depending on how price behaves, we can target a second price target at around 9000.
EUR/USD– so what is happening with the major of all majors– after a prolonged consolidation period, we are entering into a mode in which traders are getting more nervous and starting to show more and more bullish signals. The 1.0750 support level has been a great belt and today there is a bullish pin bar, which is just confirming the positive momentum. If you are about to trade EUR/USD, my trading idea is to go long at 1.0875 and put a stop-loss at 1.0800. The primary price target is 1.0940. The secondary one is 1.1125.
Conclusion: Buy EUR/USD and Sell DAX