W1R rejection. Testing last high. ECB is on the way.
Trade active:
As we examine the technical indicators, we can observe that the price is facing significant resistance at both the weekly R1 level at 1.109 and the 1.107 resistance area. Additionally, the daily and weekly pivot points are also located in this critical region, highlighting the importance of this level. On the fundamental side, there are various high-impact economic events that could potentially impact the EUR/USD pair's direction, such as the ECB Interest Rate Decision and the upcoming PMI data releases from several European countries.
Therefore, I propose a sell trade for the EUR/USD pair, with an entry point at 1.107, a stop loss at 1.1095, and a take profit at 1.0995.
By selling at the current resistance level, we can potentially benefit from the downward momentum if the price breaks below the critical support at 1.107. The tight stop loss above the weekly R1 level can help minimize potential losses if the trade does not go as planned. The take profit level at the weekly pivot point can offer a favorable risk-to-reward ratio for this trade.
It's essential to keep in mind that market conditions can be unpredictable, and it's crucial to stay vigilant and adjust the trade accordingly. However, with a combination of technical and fundamental analysis, this trading idea could potentially offer a profitable opportunity for the EUR/USD pair.
In conclusion, I recommend considering a sell trade for the EUR/USD pair with the aforementioned parameters, but it's essential to conduct further research and analysis to make an informed decision.
Therefore, I propose a sell trade for the EUR/USD pair, with an entry point at 1.107, a stop loss at 1.1095, and a take profit at 1.0995.
By selling at the current resistance level, we can potentially benefit from the downward momentum if the price breaks below the critical support at 1.107. The tight stop loss above the weekly R1 level can help minimize potential losses if the trade does not go as planned. The take profit level at the weekly pivot point can offer a favorable risk-to-reward ratio for this trade.
It's essential to keep in mind that market conditions can be unpredictable, and it's crucial to stay vigilant and adjust the trade accordingly. However, with a combination of technical and fundamental analysis, this trading idea could potentially offer a profitable opportunity for the EUR/USD pair.
In conclusion, I recommend considering a sell trade for the EUR/USD pair with the aforementioned parameters, but it's essential to conduct further research and analysis to make an informed decision.
Trade active:
Moving SL to BE. Adding 25 pips TS.
Trade closed: stop reached:
Closed due to TS