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DOLLAR INDEX (DXY) Technical Outlook & Update 💵 New higher high on dollar index again. The price has successfully violated 73.2 previous high. The sentiment & directional bias remain bullish. Here are the key levels to watch for occasional pullbacks: Resistance 1 - 94.3 Resistance 2 - 94.75 Resistance 3 - Upper boundary of an expanding wedge Closest major support: Lower boundary pf an expanding wedge. ❤️Please, support this idea with like and comment!❤️
TVC:DXYLong
by VasilyTrader
17
Forex Sell Euro Heading Lower?Hey traders so I just saw a nice shooting star form on the Euro daily chart after trying to break above 50% retracement level. This is a sign of weakness and I think it is a good price to sell the Euro at the current market price. I will sell at the market and place my stop right above the high of the previous days shooting star candle. Then look to take profit or add more positions if Euro moves lower. Trade Entry 1.1931 Stop Loss 1.1980 Exit Strategy- Move stop to break even after market moves in favor same amount of pips risk. Then look to lock in more profit. Risk Management: (Always look at every trade as how much you can afford to lose. Make sure it is your risk managment tolerance. Most experts recommend never to risk more than 2% of you total account equity on any given trade. Then protect your profits until market reaches your desired target.) Trade Well, Clifford
Short
by TradeTheIndex
The Euro has a 123 Top Confirmed!Hey Traders so as I just metioned on the US Dollar forming a 123 bottom formation we can now see that the Euro has formed a 123 top formation. This is a strong bearish signal that means the Euro could be about to make a 50% retracement. I will be shorting the Euro now that the daily charts have confirmed this pattern! The way you trade the 123 top formation is you place your sell order below the 2 point and your stop above the 3 point and then you make a profit target of at least 2 to 1 or more. If the Fed decides to taper due to inflation we can see the Euro fall hard possibly way down do even march lows. Of course always expect the unexpected when you trade the forex and always use risk management before you enter your trades! Trade Well, Clifford
Short
by TradeTheIndex
4