RaynLim

EURUSD-Weekly Market Analysis-Mar20,Wk2

Short
FX:EURUSD   Euro / U.S. Dollar
I'm planning for a counter-trend trade on EURUSD, the motivation behind this is because, after a strong appreciation, I'm expecting some form of retracement and a bullish movement continuation will be stronger and more persistence when the market retraces back to the buy zone before further appreciation.

Two approaches to the market I'm waiting for.
First, a double top, which yields the best Reward is to Risk ratio but have a Higher Risk of stop out.
Second, a break and close below the support of 1.1212 and retrace back to the resistance level which is near to the support level of the double top and short the market after candle confirmation.

The second approach is much safer, but it does not give a great Reward is to Risk.

Let's see which comes first.

We believe that we should not slog our life away. Keep working to the minimum. How about 15mins a day?

Get into our 15mins workday community
discord.gg/AKDr9vPqH7

Live session & Trading Tips on the GO
www.tiktok.com/@raynlim
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.