EUR/USD Trade Idea

19 Oct 2020, 11:07 · Views 816

Hi guys, hope you guys have a good start of the week.

This is EUR/USD 1-hour chart. Overall looking to sell EUR/USD, due to gaining strength in USD.

This is my own trading idea, trade on your on risk.

Happy trading!

Telah diedit 19 Oct 2020, 11:10

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PhoenixMan

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EA trader. Please follow my strategy pro-rata.

EUR/USD

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U.S. presidential elections are coming very soon. I do not recommend trading today and tomorrow. And it is better to close the actual trades related to the dollar! ✌️

PhoenixMan

Hi guys, the price on the EUR/USD has sold off heavily lower in the last few sessions. As the attached daily and 4 hour charts show, price has also broken through multiple support levels when making this move lower. The best play in the near term could be to look to trade inline with this momentum lower with any quick rotations back higher into value. Price has just broken through the recent support level around 1.1691 and if we can see price move back into this level it could look to act as a new role reversal resistance level. This could also be a level to look for potential short trades with the recent momentum lower.

PhoenixMan

For EUR/USD pair, we're staying back as the market's are irrationally in anticipation of U.S. elections next week. For those wanting to speculate in this market, consider these valid trade setups, but it's riskier than usual, just my own personal opinion. I personally won't be taking them on my account, but just wanted to share nevertheless.

PhoenixMan

You can see that the EUR/USD has reached the resistance line and started to fall. I expect the price to return to the support line around 1.17 level and it is possible to go down to a strong resistance line.

PhoenixMan

The price for EUR/USD pair continues to fall as I expected. The impulse for the fall was a strong resistance line, from which the price bounced off in the last week's end. Now the price has broken through the small resistance line. I expect to touch this line again and continue to fall. The final target is the support line at 1.168. What do you guys think?

PhoenixMan