Once again, the US dollar gives a good performance during the first half of the day before declining in the second half, but today the situation may be different as we have important economic events that may cause a wide trading range and affect the market significantly. So, caution is required.
Gold has finished the AB=CD pattern, which means that there is the possibility of a decline in prices, but since the price is trading above the support level of $1830.00, the idea of selling looks a bit risky. Crude oil also recovered, as we will see later in this post, after finding support at the level of 83.20, which gave a positive price action on the daily chart that supports the uptrend, so we may have an opportunity to buy today.
Today's economic events (GMT+1):
I was away from my computer yesterday, but I was checking crude oil on my phone, and I knew perfectly well that the price was on its way to stop the loss. Even though it was a good opportunity to buy, I could not do anything about it. Anyway, I think I did a good job with this trading opportunity, as I already closed half of it at a good profit. Therefore, I don't see a problem with the price hitting the stop loss for the second half, so I'm getting better at managing trades, and this is very good progress for me.
There was a good decline in the EUR/USD pair, but my profits from this position decreased by the end of the day due to the decline in the US dollar index. I am not surprised by that. The most important thing to me is that the pair is still maintaining the same bearish momentum as the previous wave, and if I am right about this, then I can expect the day when it reaches the target level. So far, the situation looks fine with the price breaking the flag pattern, and just by looking at the overall price action of the EUR/USD, I can say that the US dollar will be strong today, but we can't be sure. There is always a margin for error, and this is why we resort to stop loss and money management.