Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

EUR/USD Trend Potential, Based On Breakout

Published 09/01/2019, 06:26
Updated 09/07/2023, 11:32

EURUSD daily

Technical observation

Yesterday, EUR went down but not for long, though I still expect more bearish momentum towards the support level marked at 1.1214, price can still penetrate above the resistance zone 1.1503-1.1475 and in that case you should wait for a correction to the just broken zone then long this pair on the second retracement to it just to ensure the breakout was not false.

In case you sold this pair yesterday within the above mentioned zone my advice is you remain in the trade with your take profit still at 1.1214 and stop loss at 1.1621, if you have not traded EUR yet, wait for a close within the zone 1.1504-1.1475 to sell.

Trade recommendation

Remain short with your take profit still at 1.1214 and stop loss at 1.1621.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.