EURUSD- Short Position Initiated on Downtrend Confirmation
Updated
Looking at the EURUSD chart on the 1-hour timeframe, we can observe that the pair is in a strong downtrend, currently priced at 1.07720 at the time of writing. Upon analysis, we found that the pair is currently testing the 100MA alongside the 61.8% Fibonacci retracement level, with previous support now acting as resistance, aligning with our analysis indicating further downside movement.
We've initiated our first short position with a stop-loss above the 78.6% Fibonacci level, representing approximately 0.14% risk. Our initial target for profit-taking (TP) is set at the previous low from March 24th, which is approximately 0.45% lower than our current position. This provides us with a risk-reward ratio of 1:3.
Please note that this represents my personal view and is not intended as advice to buy or sell.
We've initiated our first short position with a stop-loss above the 78.6% Fibonacci level, representing approximately 0.14% risk. Our initial target for profit-taking (TP) is set at the previous low from March 24th, which is approximately 0.45% lower than our current position. This provides us with a risk-reward ratio of 1:3.
Please note that this represents my personal view and is not intended as advice to buy or sell.
Note
Adding another EU short at 1.07800 with stop loss in same place as other possition.Note
As there is lots of NEWS today, decided to manually manage possition and still holding with hand on stop. My inicial stop was set at 1.07910, currently price would have hit it but due to my management decided to keep position open with higher stop lose, I wouldn't recommend doing that if you are leveraged, I'm trading only on 1:5 so even if I will allow myself 0.5% stop that will be only 2.5% lose.Trade closed: stop reached
trade closed at 1.08030 after ISM release spike
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.