I was whipsawed out of my earlier trade for a 40 pip loss after the German Retail Sales m/m numbers were released earlier this morning. I re-entered after price broke above 1.3300 for the second time after Pending Home Sales came out better than expected at 3.2%. I find it hard to re-enter trades after a loss but the technicals and the fundamentals matched so I got back in. When the markets risk appetite increases the dollar starts getting sold because it is considered a "safe haven." I'm confused. If better than expected news is coming out about the U.S economy and the European economy is continuing to get worse, shouldn't the dollars value be improving against the Euro? I don't know, I just follow the crowd. My target is the 138.2 extension of the Fib depicted on the chart since price seemed to bounce off the 38.2 retracement level. For those of you that are not familial with MT4, the green dashed line is where I entered the trade andf the red dashed line is where I currently have my stop.
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