EURUSD long at technical support
On the fundamental side. EURUSD has come a long way down from 1.4000. Ever since ECB announced negative deposit rates, cut interest rates and a whole host of monetary policies. With easy monetary policies for Euro for the next few years, the fundamental economic factors are bearish EURUSD.
On the technical side, there is a technical support level around 1.3300. Though fundamentals are bearish, i think there may be a strong bounce up from 1.3300 support zone. Those who are short EURUSD from higher levels, would probably take profit about 1.3300. Also 1.3300 is the 141.4% FIB extension of the prior downtrend wave.
Hence going long around 1.3300 seems like a plausible trade.
Long EURUSD 1.3290-1.3300
SL 1.3250
TP 1.3500
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ForexPositive.com
Twitter ForexPositive
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On the technical side, there is a technical support level around 1.3300. Though fundamentals are bearish, i think there may be a strong bounce up from 1.3300 support zone. Those who are short EURUSD from higher levels, would probably take profit about 1.3300. Also 1.3300 is the 141.4% FIB extension of the prior downtrend wave.
Hence going long around 1.3300 seems like a plausible trade.
Long EURUSD 1.3290-1.3300
SL 1.3250
TP 1.3500
=====
ForexPositive.com
Twitter ForexPositive
=====
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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.