Hey traders so looking at the EUR/USD today and wow what a difference a day makes!
Just the other day I was Bullish this pair and was reccommending buying on pullback. All of sudden in the blink of an eye market completely flips over on a dime due to tariffs. Thats life in the big city of trading. 😁
If you are new to trading remember this you can't ever lose by taking profits. No matter how large or how small which is why in the last post I reccommended moving that stop up to 3 days behind the market because as you can see the market is unpredictable.
Ok so where does that leave us now well as a technical analyst I look for trading the trend or changes in the trend and now that I see what is a completed 123 top formation on the Euro. That is a significant sign that the market has almost changed from uptrend to downtrend imo. Look at the resistance 1.1833 then look at the failed rally that only made it to 1.1783 that is a sign that a top has now formed.
Therefore if the US Dollar is bottoming I would not reccommend EUR/USD longs anymore. So I am watching for a break below support at 1.1500. If market can close below that level on a daily close. Then I would look to sell the a rally back to resistance.
However if bullish would not consider buying unless market breaks above resistance at 1.1833 that way you know for sure the trend has resumed!
Good Luck & Always use Risk Management!
(Just in we are wrong in our analysis most experts recommend never to risk more than 2% of your account equity on any given trade.)
Hope This Helps Your Trading 😃
Clifford
Just the other day I was Bullish this pair and was reccommending buying on pullback. All of sudden in the blink of an eye market completely flips over on a dime due to tariffs. Thats life in the big city of trading. 😁
If you are new to trading remember this you can't ever lose by taking profits. No matter how large or how small which is why in the last post I reccommended moving that stop up to 3 days behind the market because as you can see the market is unpredictable.
Ok so where does that leave us now well as a technical analyst I look for trading the trend or changes in the trend and now that I see what is a completed 123 top formation on the Euro. That is a significant sign that the market has almost changed from uptrend to downtrend imo. Look at the resistance 1.1833 then look at the failed rally that only made it to 1.1783 that is a sign that a top has now formed.
Therefore if the US Dollar is bottoming I would not reccommend EUR/USD longs anymore. So I am watching for a break below support at 1.1500. If market can close below that level on a daily close. Then I would look to sell the a rally back to resistance.
However if bullish would not consider buying unless market breaks above resistance at 1.1833 that way you know for sure the trend has resumed!
Good Luck & Always use Risk Management!
(Just in we are wrong in our analysis most experts recommend never to risk more than 2% of your account equity on any given trade.)
Hope This Helps Your Trading 😃
Clifford
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.