Last week, due to a fail of holding above the 1.18000 level, we saw a huge 1-hour decline of 0.39% on big selling volumes, which is not typical for such instruments as EURUSD. Since that time, the price has been moving within a descending channel and has formed a possible pennant yesterday. All of the factors "vote" for going bearish in this asset.
So, what will be the possible scenario? We may go market sell right immediately, or wait till the breakout of the pennant pattern. In this case we may set
🔽 a sell stop order at 1.17400 with
❌a stop loss at 1.17670 and
🤑a take profit at 1.16915
Additionally, EURUSD may go even further downstairs, next to a 1.16000 support level. For this case we may preserve some minor part of our position with a take profit set nearby this level.
Trade active
TRADING IDEA UPDATE - EURUSD SHORT SUCCESS TRADE🎉🎉🎉The price reached the take-profit at a 1.16915 level. There I closed the majority of my position (around 80%). The asset doesn't look like willing to go further downwards, so I am closing another 20% here. Supposedly, the asset tested the 1.16900 level successfully. For now I will stand aside. We've already made a profit!💵
Join me, I'll guide you to PROFITABLE TRADING💵!
Telegram Channel: t.me/forextradersliveofficial
Telegram Channel: t.me/forextradersliveofficial
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.
Join me, I'll guide you to PROFITABLE TRADING💵!
Telegram Channel: t.me/forextradersliveofficial
Telegram Channel: t.me/forextradersliveofficial
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.