EURO - Retracement Time?!
Updated
EURUSD - What great momentum we've had!
Now when I did the last update EURUSD on my last post my longer target 1.25 still stands but for those who aren't in position for this current of time. It's been the best trading pair I've traded this yr! I advise you to think about the risk reward and your trade plan and remember we are at heading to the end of the year in few weeks time! Bring on great 2021 right!?
EURUSD seems to be in such great bullish momentum, that we have reached 1.618 retracement area! Now what?
Technical view:
Pattern: Bullish flag - you can measure to see where it ends near fib retracement area
Fib area - At fading area - Could go towards lower areas of 1.22 areas before retracing further
Support areas: 1.20080 is very important, if we hold there with price confirming we could head to gain back to more bullish momentum but if we have deeper correction we could go towards the next support of 1.1800 areas.
I do have buy orders at key support areas.
If you do take the fading trade, remember you are going counter trend and keep in mind year end of flows portfolio adjustments, risk management is key.
My views on EUR: Longer term investment perspective we could even reach the 1.34 areas! Depending on fundamentals as well & medium term target still stands: 1.25 areas.
Remember: Just a trade idea, not a recommendation!
This week fundamentals to keep in mind why we could get to 1.22 areas - ECB meeting this week! and QE package from the FEDS that leaders on both sides appear open to agreeing to!
All the best,
Trade Journal TJ
Key tip: Follow your own trade plan & execute wisely.
Now when I did the last update EURUSD on my last post my longer target 1.25 still stands but for those who aren't in position for this current of time. It's been the best trading pair I've traded this yr! I advise you to think about the risk reward and your trade plan and remember we are at heading to the end of the year in few weeks time! Bring on great 2021 right!?
EURUSD seems to be in such great bullish momentum, that we have reached 1.618 retracement area! Now what?
Technical view:
Pattern: Bullish flag - you can measure to see where it ends near fib retracement area
Fib area - At fading area - Could go towards lower areas of 1.22 areas before retracing further
Support areas: 1.20080 is very important, if we hold there with price confirming we could head to gain back to more bullish momentum but if we have deeper correction we could go towards the next support of 1.1800 areas.
I do have buy orders at key support areas.
If you do take the fading trade, remember you are going counter trend and keep in mind year end of flows portfolio adjustments, risk management is key.
My views on EUR: Longer term investment perspective we could even reach the 1.34 areas! Depending on fundamentals as well & medium term target still stands: 1.25 areas.
Remember: Just a trade idea, not a recommendation!
This week fundamentals to keep in mind why we could get to 1.22 areas - ECB meeting this week! and QE package from the FEDS that leaders on both sides appear open to agreeing to!
All the best,
Trade Journal TJ
Key tip: Follow your own trade plan & execute wisely.
Trade closed: target reached
One target reached - Today we finally reach that special number I been longing for while got over 1.21 now Euro is at 1.22 - Let's see what happens next my target of 1.25 still stands longer term. Have a great day!!Note
Longer term target still stands at 1.25 Areas - Now Democrats have further control, this simply means bigger package of stimulus = weaker dollar. Inflation expected to play out.
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.