ArekJP
Long

Is it time to go LONG EURO? - EURUSD long term

FX:EURUSD   Euro Fx/U.S. Dollar
Is it time to go LONG EURUSD?

EURUSD             looks pretty much like free fall over last year – 9 months of consecutive losses.
From almost 1.4 (May 2014) we are sitting at 1.07 that’s a loss of 23.5% in EUR value.

Is it time to go LONG now?

Based on 1M time frame.
RSI is strongly oversold (7.64) at its lowest level since 1993. Fibonacci extension of 123.6% (I know not commonly and widely used – but worth noticing) confluences with support area and as you can see we have previously tested twice 23.6% Fibonacci level previously (2nd time almost) therefore using extension of 123.6% as a possible buy area seems to me very logical.

I would also keep an eye on lower line of channel – if price above that line that will definitely help case of going long, however if we get close below that line and most importantly below 1.0414 then I would wait to see what reaction we get at psychological level around 1.0000

Green box is my suggested area for entering long positions – preferably around 1.060. Lots of people already entering or already in long positions as RSI on daily is as well heavily oversold, therefore another 100+ pips move down to hit all of those stop loss orders wouldn't be a surprise

SL below 1.04, TP’s: 1.190 / 1.228 / 1.267

Good trading and good luck!
Arek JP            
riskmode TOP
2 years ago
Word of advice to the 299 people who have viewed this. Do not blindly enter long eurusd positions off that monthly chart!
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ArekJP riskmode
2 years ago
I see you are new to community – welcome! Can’t wait to see yours trading ideas.
Good luck!
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riskmode TOP
2 years ago
Seriously, I work as a trader for a large financial institution. If you were on my team and went long eurusd off that monthly chart while it's pointing straight down we'd throw you out the window before you lost the rest of our capital....
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ArekJP riskmode
2 years ago
Kind of answer I was expecting from a person like you… Let me allow myself NOT to lower down to your level and insult people you don’t know… Btw none of respectful and good traders would behave this way.
Good luck!
Ps don’t sweat it – I won’t be replying to any of your comments if you please allow – as its waste of my time.
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riskmode TOP ArekJP
2 years ago
Look, there is enough misleading information out there about forex trading. So many of these charts posted on tradingview are frightening. Do you honestly believe you are going to successfully execute a 10:1 risk reward trade against a strong prevailing trend? Anyone who has experience trading knows the probability of success here is slim to none. Certainly less than 10%. Heck, if you go stand in an open field during a thunderstorm your odds of being struck by lightening might be higher. You're doing a disservice to the 324 people who have viewed this page (many of whom might be new to forex). If you want to go long eurusd you're going to have to look at 1 min or 5 min candles at the most.
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JoshL PRO riskmode
2 years ago
Just a question - What are YOU doing here then to start with?
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Atif_Atiq JoshL
2 years ago
Mr. riskmode. now what you say about market ? after breaking towards buy may be it was short .
Arekjp was right or not ??? just need respect respect & respect . each person have different experience & views . please don't mind .
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riskmode TOP Atif_Atiq
2 years ago
Come on it went to 1.06. That isn't remotely close to 1.17. You should be looking to sell rallies.
Reply
ArekJP
2 years ago
Extreme move up today after FOMC, over 430 pips at some point, possibly massive shift of sentiment, waiting to see close of weekly candle - holding my long from 1.057
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