Trade of the day: EURUSD

Summary:

  • EURUSD is in a downward trend
  • The last correction move was of the same size as the previous two
  • Price failed to break above the resistance zone at 1.1115

Trade: Short position on EURUSD at market price
Target: 1.1035
Stop: 1.1145

Justification: The EURUSD failed to break above the resistance zone at the 1.1115 handle. The red area on the chart below is marked by the recent lows, in addition to the upper limit of the overbalance structure that can also be found there. As long as the price remains below, there is a chance for the main downward trend to continue. Macro data from the US that will be published later today (NFP report at 1:30 pm BST) could be a trigger for a bigger market move. We recommend taking a short position with a stop loss at 1.1145 and a take profit at 1.1035. Source: xStation5

 

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When performing transactions in the OTC Forex market, the possibility of making a profit is inextricably linked with the risk of losses.