Eyeing a Bullish Position: Aiming for a $1.133 Price Target!

Long

Euro / U.S. Dollar (FX:EURUSD)

Updated

FX:EURUSD Euro / U.S. Dollar

The Demand Zone I have set focuses on a short-term price target of about $1.09. USD strength may only go up to this point, by my estimates. As the EURO continues to adjust for inflation, the price will appreciate. A Broadening Tops chart pattern, a bearish reversal pattern, partly inspires my idea.

Comment:

I am now holding a Long position as planned and previously aforementioned.

Comment:

Today, I confirmed that I was wrong about the extent of the bearish retracement of the last bullish trend. However, I am still expecting to see price appreciation in the near future and will likely hold an extended position.

Comment:

EUR/USD price had surpassed my demand zone and passed my risk tolerance level. However, the prices seen were historically points of pivot and trend continuation. For now, I will continue to manage my risk and assess the resurgence of the Euro Dollar pair.

Comment:

Now that we have entered September, I will consider that historically, the price has fallen during this month. I hope the EUR will strengthen their economy to see further bullish trades soon. However, the USD will likely continue to advance for the foreseeable future.

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.