June Trade # 30 - BUY EUR/USD

June 29, 2009 4:12 pm (Manila)

Trade is out at +10 pips/lot for a total of +40 pips.

I'm taking it out as I will be unable to monitor this trade for the next couple of hours. I do not feel comfortable leaving the trade open when I am doing something else, unless it's a long-tem trade.

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June 29, 2009 3:15 pm (Manila)

BUY EUR/USD @ 1.4016 (Just 4 lots)
STOP - 1.3966
Limit - 1.4046

At 5:00 pm (Manila) today, Eurozone Consumer Confidence data comes out which should show a number bullish for the Euro. Consumers are a major part of GDP, the measure of economic growth. Bullish consumer sentiment is good for a currency as traders anticipate that demand for that country's (or region's) currency will be high in the coming months (Consumer Confidence is forward-looking).

On the technical side, the pair has been trending down all day but the 2pm horly candle finished as a hammer, indicating that selling for the pair may have ended. Also, this hammer coincides with the lower bollinger band and around 61.8% of a fibonacci retracement drawn from 6/25 2200 hrs to 6/27 0000 hrs.