Fresh EUR/USD and EUR/GBP long trades opened today

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The Bank of Canada kept interest rates steady as expected and reiterated that while more hikes would be needed to keep inflation on target, it would take a gradual approach. In our opinion the next move will be a hike in October.
We used today’s EUR/USD and EUR/GBP dips to open long positions.

This is how MyFXspot.com trades now:
EUR/USD
Trading strategy: Long
Open: 1.1550
Target: 1.1750
Stop-loss: 1.1450
Recommended size: 2.00 mini lots per $10,000 in your account
Short analysis: On Tuesday EUR/USD found solid support ahead of the 1.1518 Fibo, a 50% of the 1.1301 to 1.1734 gain. We used today’s drop to open a long position at 1.1550, in line with yesterday’s strategy. EUR/USD bulls managed to avert a crisis by preventing a daily close below the 30-DMA, now at 1.1568, scope is for gains through the thin daily cloud (1.1672-81).

GBP/USD
Trading strategy: Await signal
Open:
Target:
Stop-loss:
Recommended size:
Short analysis: A major shakeup of daily chart and a close above the 10 and 30-day moving averages may suggest bullish outlook. We stand aside.

USD/JPY
Trading strategy: Short
Open: 111.30
Target: 109.30
Stop-loss: 112.30
Recommended size: 1.67 mini lots per $10,000 in your account
Short analysis: USD/JPY bulls broke above the daily cloud top, which is currently at 111.52, but a daily close above is needed to keep the overall bias on the upside. The ultimate target for bulls is the 111.88 Fibonacci level, a 61.8% of the 113.18 to 109.78 (July to August) fall. Our short position is under pressure now.

USD/CAD
Trading strategy: Await signal
Open:
Target: –
Stop-loss:
Recommended size:
Short analysis: USD/CAD breaks above the daily cloud to one-and-a-half-month high by 1.3208 amid lingering U.S.-Canada trade impasse. Broader China trade anxiety adds to USD bullish tone. A close above the daily cloud puts late July’s double top by 1.3290 in sharper focus.

AUD/USD
Trading strategy: Await signal
Open:
Target:
Stop-loss:
Recommended size:
Short analysis: Bounce off September 3 was short-lived. The ensuing slide sees a new long-term low set. Further losses are likely as RSIs are biased down and not oversold.

EUR/GBP
Trading strategy: Long
Open: 0.8970
Target: 0.9070
Stop-loss: 0.8920
Recommended size: 2.33 mini lots per $10,000 in your account
Short analysis: Big down and big up and we opened a long play at 0.8970, in line with our yesterday’s signal. Today’s price action suggest that could have been a right choice. The target is 0.9070.

Fresh EUR/USD and EUR/GBP long trades opened today

Trading ideas by MyFXspot.com

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