The Euro Downtrend Resumed

The euro has drifted lower since the European session today and tomorrow brings the Federal Reserve rate decision.

The EUR/USD moved higher after the U.S. job data on Friday.  The upward move lost steam once it reached 1.18.  It began to drift lower in the late U.S. session yesterday.  During the Asian session today, it managed to try again to regain 1.18 but no avail.  Once the London session opened, the downward move resumed.  We are now at the day low of 1.1735.

Tomorrow, the Federal Reserve rate decision is widely expected that we’ll see the rate hike for the third time this year.  Furthermore, the Fed may give us its stance on further rate hikes in 2018.  The markets will be highly focusing on the future interest rate stance given by the Fed tomorrow.  A very hawkish Fed will certainly push the U.S. dollar higher.

The buy position opened from my MT4 EA last Friday after the U.S. job report closed with a loss today.  The stop loss target was hit.

The strategy can be found here.

The latest result can be found here.

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