Possible swing trading setup in EURUSD
Hello everyone!
Since end of July the price is stuck between 1,16-1,20 price zone and EURUSD is trading sideways, however the trend on higher timeframe is still bullish.
Recent price action indicates that there was a possible false breakdown below 1,17000 price and we might see further weakening of the greenback.
1,17400 - 1,17770 is the closest price zone, where (if we pullback from current 1,18100 level) the bulls might show another interest for buying and the demand might exceed the supply, which will support the price going north…
…the main risk for continued USD weakness remains the US stimulus deal to be struck and the US Q3 earnings disappointment, which might generate strong demand for the greenback resulting EURUSD long squeeze.
A possible swing trade setup is on the chart for you.
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Risk disclaimer:
This is not an investment advice and you should carefully consider whether forex trading is right for you in light of your particular circumstances and financial resources. Trading spot foreign currencies (“FX”) is not appropriate for all investors, and the risks of FX trading can be substantial.
Since end of July the price is stuck between 1,16-1,20 price zone and EURUSD is trading sideways, however the trend on higher timeframe is still bullish.
Recent price action indicates that there was a possible false breakdown below 1,17000 price and we might see further weakening of the greenback.
1,17400 - 1,17770 is the closest price zone, where (if we pullback from current 1,18100 level) the bulls might show another interest for buying and the demand might exceed the supply, which will support the price going north…
…the main risk for continued USD weakness remains the US stimulus deal to be struck and the US Q3 earnings disappointment, which might generate strong demand for the greenback resulting EURUSD long squeeze.
A possible swing trade setup is on the chart for you.
//
Feel free to share your opinion/position via comment and follow me for more upcoming ideas/setups + support my work by hitting like. :)
For more information please check the link in my profile status...
//
Risk disclaimer:
This is not an investment advice and you should carefully consider whether forex trading is right for you in light of your particular circumstances and financial resources. Trading spot foreign currencies (“FX”) is not appropriate for all investors, and the risks of FX trading can be substantial.
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.