Hello everybody!
It’s time again for another PrimeXBT trading idea, and today we will be taking a look at the EURUSD trading pair.
Currently, EURUSD is stuck within a firm trading range between its previously established support and resistance levels.
If its price is able to decisively break above the resistance zone and its H12 candle closes above this level, we can begin looking for ideal long entries.
Alternatively, if the price moves below the support zone and its H12 candle closes below this level, we can begin looking to scale into short positions.
It is imperative to keep in mind that the long-term trend is overwhelmingly bearish.
That being said, there are also still plenty of reasons to think that the European Union will continue to struggle and that the European Central Bank will continue practicing its loose monetary policy. These political factors should help maintain the downward pressure currently effecting the Euro.
Share your thoughts about the current market situation below!
The best way to get consistant quality analysis is to follow us. You won’t miss a thing!
We’re wishing you all the best of luck with your next trades!
It’s time again for another PrimeXBT trading idea, and today we will be taking a look at the EURUSD trading pair.
Currently, EURUSD is stuck within a firm trading range between its previously established support and resistance levels.
If its price is able to decisively break above the resistance zone and its H12 candle closes above this level, we can begin looking for ideal long entries.
Alternatively, if the price moves below the support zone and its H12 candle closes below this level, we can begin looking to scale into short positions.
It is imperative to keep in mind that the long-term trend is overwhelmingly bearish.
That being said, there are also still plenty of reasons to think that the European Union will continue to struggle and that the European Central Bank will continue practicing its loose monetary policy. These political factors should help maintain the downward pressure currently effecting the Euro.
- Current trading range: 1.117 - 1.099
- Targets if it breaks through the resistance zone: 1.128 , 1.14
- Targets if it breaks through the support zone: 1.088
Share your thoughts about the current market situation below!
The best way to get consistant quality analysis is to follow us. You won’t miss a thing!
We’re wishing you all the best of luck with your next trades!
Trade active:
EURUSD broke through the resistance line with a test of it and touched the price resistance zone.
Trade active
Trade active:
It's located near the support zone.
