Dollar Falls on ISM News
I traded the US session this morning. Bernanke spoke at 9:00am, but I didn't trade his comments. The ISM Manufacturing number was expected to be weak, but it came out even weaker than expected at 49.5. So I went long on EURUSD off of that number. Unfortunately the spread ate me for 10 pips. But I still managed to exit positive 16 pips. As I type this the EUR is currently trading at 1.3320 after breaking the big 3300 level. I wouldn't be too surprised if it continues north from here, with as bad as that ISM number was for the dollar. I will, however, be looking for re-entry signals in both directions given that the EUR is at the 8/8 Murray Math line and has yet to penetrate M4 resistance.
- LONG EUR/USD for +16
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