MarcPMarkets

EURUSD SITTING ABOVE MAJOR SUPPORT. WILL IT BREAK?

FX:EURUSD   Euro Fx/U.S. Dollar
Do not be fooled by the hype. There is a lot of bearish sentiment on EURUSD             . On the broader time horizon fundamentals may support a more bearish view, but the world is not the simple. From a technical view, there is a short term support area at the 1.3500 level area. Any retracement back into the major support zone of 1.3512 - 1.3460 area is where I will look for long confirmations. If price closes below 1.3450 with conviction, I would then reevaluate this long scenario. 1.3450 is a good reference point to gauge risk from. If price can bounce out of the support zone , the first target I would watch for is the 1.3570 area which is an old historical support, now a resistance. If price closes above there aggressively, a push into the low 1.36's is more possible. Keep in mind a trade at this magnitude can take days to unfold.

Consistent trading requires many qualities. Do you have them? I wrote an article that highlights 3 elements that I think are required in order to achieve consistency as a professional trader. You can read it here: http://www.unconventionaltrader.com/?p=321




Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out