EURUSD may pullback or reverse for FX:EURUSD by ProCFDTrader

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Dear traders, EURUSD has tested the 1.16 level as I was expecting as per my previous idea posted here. However, the area between 1.16 to 1.17 is crucial. I can see some US Dollar strength going forward. So, it is quite possible that EUR/USD may reverse here.
Wait for bearish price action and sell between 1.1605-1.1650 with SL above 1.17.
TPs can be placed at 1.1480, 1.1320 and 1.1160 respectively.
The above set up is only valid is bearish Price action happens in the potential reversal area.

Comments

It has been two months of upward trend, certainly I am also looking for price action signal for correction. Will be interesting to see if that 1.116 will be tested and hold. If it breaks Apr or May low retest is possible.

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Im with you here. I think the USD is going to get some strength and also the stimulus package news will bring it up.

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themoneyking

@themoneyking, That would be interesting :-)

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ProCFDTrader

@ProCFDTrader, Its been dipping for to long and the US havent get any good news. Once we have something to go by itll go up. By next week watch a fake bull run and thats where we take profit and EURUSD will dip and correct (bull run is still happening)

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