The euro’s downtrend continued since it was unable to sustain above 1.2400.
The EUR/USD remains weak because of the dovish comments by the ECB President, Draghi, earlier this week. In addition, Another ECB member, Smets, said the inflation target would take longer to reach, which also sent the euro lower and reached 1.2286 this past Monday.
Inflation has been the focus lately. The EUR/USD broke above 1.24 on Wednesday after the U.S. February inflation numbers came out as expected at 1.8% annually, which was below the Fed’s 2.0% target. However, the tame U.S. February inflation numbers was unable to keep the euro staying above the 1.24 level. After the brief breach of 1.24, the euro began its decline.
There was 1 trade from my MT4 EA this week. However, the trade hit the stop loss and ended up with a loss.
The strategy can be found here.
The previous week’s result can be found here.