Euro Hits New Highs

We witnessed a new high on the Euro Dollar yesterday which gave us a fake breakout. Although the Euro has retreated a further rally is expected as long as the pair can stay above the 1.5600 region. On a fundamental note, European inflation has increased to 4% which could have a bearing on this pair. In addition, crude oil also fell which certainly has an influence here.

Our open positions on the USDJPY has provided excellent profits so far and the trade has been managed. We aslo are short on the AUDJPY which also is in good profits and now managed.

Good trading.

Forex Analyst
Javid Shaik