EURUSD are looking forward to the long direction. In recent days I have had several times smaller losses with EURUSD trades. So I planned a more conservative approach. The figure shows the correction band for the time frame H1. This means that the exchange rate moves within this band within 1 hour due to the H1 ATR. Half of the band is level 1.08302. This means that if the exchange rate moves northwards from this level, we may experience a strong rise. As my price has fallen very steadily over the past few days, we have to wait for a back tested H1 correction band. This level is the 1,08450 From here we can go to long position.
Thanks for the comment. We agree with the rise of gold. Fundamentally, I do not see the direction of EURUSD right now. Therefore, I trade in an absolute technical way. Several attempts have failed in recent weeks. Despite the fact that the long-term target prices were designed for a corrective phase and not a trend reversal. This is how the current trade was made. Here I come to your idea that the EU zone is in trouble. You're right. So far, the dollar has been boosted by the coronavirus panic. Apparently, the EU economy has suffered so far.
Captain_Walker
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There's trouble in the EUROZONE. All sorts. As coronavirus hits economies across the globe so-called investors will be looking for safe havens. In the battle between EUR and USD, I don't imagine they'll reach for EUR based on the numerous problems in Europe. My expectation (not prediction) is that people will reach for the USD more than EUR even if both currencies lose demand.
Gold is of course the safest bet across all currencies. 👊😊