EURUSD is currently on a long term down trend. From a short term perspective, the EURUSD has just broken out of the ascending channel. I expect for the currency pair to continue its downtrend.
However, due to the recent breakout, it will be more prudent to enter the trade after a pullback to the 1.1060 level. Stop loss suggestion is also placed above the ascending channel.
However, my suggestion will be to place an alert instead. If activated, wait for candle and confirmation that the downtrend has been broken before closing out the position. If analysis is correct, i expect the trade to make lower lows on the daily chart. Take profit level is on the conservative side.
Disclaimer: This is purely my own analysis and i do not make any recommendations whatsoever.
However, due to the recent breakout, it will be more prudent to enter the trade after a pullback to the 1.1060 level. Stop loss suggestion is also placed above the ascending channel.
However, my suggestion will be to place an alert instead. If activated, wait for candle and confirmation that the downtrend has been broken before closing out the position. If analysis is correct, i expect the trade to make lower lows on the daily chart. Take profit level is on the conservative side.
Disclaimer: This is purely my own analysis and i do not make any recommendations whatsoever.
Comment:
For anyone following this trade idea of mine, i believe you are running in good profits. I do advise to close any positions now. I will conduct a deeper analysis and post my updated view on EURUSD