Hello traders, EUR/USD is at a very critical support zone. I say critical because this is the last noticeable support zone. The next support lies far lower at 1.0460.
So, at this stage, it would be wise to exercise caution, especially buyers. We can see that price has already gone up by 45+ Pips from the support zone.In the past, there were 2 occasions where EUR/USD went up from this zone.
So, if anyone I wants to buy, I would recommend buying at 1.0700-1.0730 with Stop loss below the 1.0690 level. Targets would be 1.0850 and 1.0950
Today, we have some important data release and also Fed Chair Powell's speech which wil lead to a lot of volatility.
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Waiting to buy at 1.0730 level if there's a dip during US session
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EURUSD goes above 1.08 as predicted
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Price is not moving towards first target as I had mentioned, in total, it is up in 56 Pips profit
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EURUSD is just 7 pips away from our first target. It has also broken the resistance on the 4H chart
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First target at 1.0850 reached, in total, over 140 Pips profit
The support zone looks solid, as the price has been respecting it multiple times in the past. Additionally, the price trading below the moving averages is also a good sign of bearish momentum coming into the market. I suspect the price is below the Ichimoku cloud, which is another good sign of bearish momentum in the market. Let's see how this plays out.
KaltoireCapital
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@FXCM, Your feedback is very informative. However, as I had predicted, price has indeed gone bullish
qwe123rty
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You prediction was spot on!
Sjskekejejej
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Looks good, keep sharing
KaltoireCapital
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@yakshit12, Thanks mate
TomasRadek
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Good analysis mate, your posts are helpful. Pls update when you take entry
KaltoireCapital
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@TomasRadek, Thanks Tomas, I will update when I execute the trade
emillyricci
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Agree with the long entry but I believe it could drop a bit lower
KaltoireCapital
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@emillyricci, Thank you Emilly, I appreciate your views and constant support for my ideas