Long EUR/USD
Updated
Have entered long at market with the intention of adding to the position on a further retrace to 1.18. Initial target is 1.19 with second target at 1.2 where I would expect a bounce. Many investment banks have forecasted 1.18 - 1.20 by the end of 2020 but these forecasts are rumoured to have been pushed higher. Information obtained from Financial Source.
Current area could be seen as a support zone with a further liquidity zone at 1.18. May go a little bit lower if there is a squeeze to take out any stops just below recent swing low.
Current area could be seen as a support zone with a further liquidity zone at 1.18. May go a little bit lower if there is a squeeze to take out any stops just below recent swing low.
Note
Am currently still in this position and looking to remain bullish in the Euro for the foreseeable future. Waiting on either a pull back to recent structure support 1.1850 or a clean break and re-test of the 1.1900 handle. Took two portions of this trade off at around £11 profit today just incase it bounces off of 1.1900 which it currently seems to have done. Would need a deeper retracement though before re-entering.
Trade closed: stop reached
Pulled my stop really close to 1.1969 in anticipation of a larger rejection of 1.200. Will engage a new long at 1.1900 if given the opportunity. If not I will need to look at break and re-tests of 1.2000.
Took an additional £9.71 off of the last position taking overall profit to around £20.
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