EURGBP - Long on Hawkish Draghi
Updated
We have a lot of EUR news due out tomorrow together with a speech from Mario Draghi, the President of the European Central Bank.
His comments alone will move the market and we are hoping for an alignment with the PMI data due out later on in the morning. This will give us a great trading opportunity on the EUR throughout the rest of the week.
We are planning a long trade on the EURGBP should we see and hear hawkish sentiment from Draghi. The Euro has been the stronger of the two currencies over the past week, and over the past month, and is currently sitting at resistance. We would prefer to see this pair fall into a level of support before the news, giving us a better entry. We would also look to take a long on a breakout condition with a small position, adding to it as the bullish move is confirmed.
His comments alone will move the market and we are hoping for an alignment with the PMI data due out later on in the morning. This will give us a great trading opportunity on the EUR throughout the rest of the week.
We are planning a long trade on the EURGBP should we see and hear hawkish sentiment from Draghi. The Euro has been the stronger of the two currencies over the past week, and over the past month, and is currently sitting at resistance. We would prefer to see this pair fall into a level of support before the news, giving us a better entry. We would also look to take a long on a breakout condition with a small position, adding to it as the bullish move is confirmed.
Note
UK GDP at 09:30GMT.
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