EUR/USD maintains its position around 1.0860 during the early European session on Tuesday, following a positive close on Monday.
The USD experienced slight selling pressure, allowing EUR/USD to gain traction at the beginning of the week. However, the pair now finds itself within a potential reversal zone, prompting us to monitor for any discernible patterns before considering entry points.
Later today, the US Census Bureau is set to release Durable Goods Orders data for February. Expectations suggest a 1.3% increase following January's 6.2% contraction. While a positive reading could initially bolster the USD, any gains may be tempered unless there is a notable shift in risk sentiment.
As traders, we are closely observing the price action in this critical area, awaiting potential signals for a short entry opportunity.
Trade active
⋅
✅ ACTIVE
Trade active
⋅
The EUR/USD pair experienced a turnaround after surpassing 1.0860 on Tuesday, hinting at potential bearish trends ahead. In the midst of this volatility, traders are actively seeking ways to adjust their strategies to navigate uncertain market conditions.
February saw a 1.4% increase in US Durable Goods Orders, slightly exceeding expectations and providing support for the USD. However, with no significant economic releases scheduled later in the day, traders are taking the opportunity to reassess their positions.
In response to market fluctuations, we recommend aligning Stop Loss (SL) levels with Entry points. This strategic approach aims to reduce risk and enhance trade execution in the face of unpredictable market movements.
Don't Forget to LIKE this Idea and FOLLOW me !