EUR/JPY 5M 7AM US housing news breakout
the forex coach — post news trading
The US housing sales was down considerably in this mornings 7 AM release. The result was that the dollar went down and the Euro went up in the currency markets.
From what I have been told you always trade a currency pair that has the nation of news origination. Such as the EUR/USD. Perhaps this is not always true?
In this case I notice that the EUR/JPY had a much nicer entry response to the news than other forex pairs. You notice from the chart that the secend 5 minute candle past the 7 AM news (purple line) provides a great market entry for 100 pips forex trading profits.
You might want to watch the EUR/JPY currency pair the next time we have breaking news in the US. It may again offer you better entry and profit opportunities than a domestic pair.
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