With the recent rise in the EURUSD due to better than expected news from the EU and with mixed reports from the US, we see the EURUSD retrace to the 50% fib level and an RSI which indicates it is entering overbought territory. As we see we are still in an overall downtrend and foresee continued strength in the USD, this presents a potential trading opportunity to sell down to the 1.112 levels. Stop Loss - 1.123
Trade closed: stop reached:
Unfortunately, this trade did not go the way I expected and was closed today after hitting my stop at 1.123. There were some unexpected events such as tariff situation between China and the US that effected the pair, and not so good economic reports from the US today ended up pushing it higher.
There is sometimes the temptation to continue to hold onto a losing trade in the hopes it will turn around, but it is more important to take your losses and move on to other opportunities.
There is sometimes the temptation to continue to hold onto a losing trade in the hopes it will turn around, but it is more important to take your losses and move on to other opportunities.