EUR/USD Trading Signal
IN THE TRADING SETUPS from the previous few sessions we monitored ups and downs. From the AUD/USD trading signal, we did reach our first price target to the point and then the sellers quickly pushed down the price. The second trading signal from the week came from EUR/USD. Although the price tried to reach those levels, sellers were stronger in this tug of war battle. There were a few bullish rejections on the 4 hourly charts and one on the daily, which led to a quick sell-off in the following daily trading session. The third trading signal came from Crude Oil. This one has worked awesomely so far. Our entry has been correctly filled and the first price target has been reached hesitantly. Since we are sitting just below a major resistance area, I have taken half of the profits already. The level of 50 is watched by the majority of traders and I believe that this might lead to a slight correction. If not- I am still in with half of my initial position, so the worst that could happen is to break even (since I have moved my SL to break even).
THE TRADING idea from this time (as you can see from the 4H chart above) is coming from EUR/USD. I am looking to go short. There is a bearish engulfing pattern on the daily timeframe. On the smaller timeframe (4Hours) we can see a new wave of sellers. Although I might expect some correction to the upside, it definitely looks like a bearish trend (at least in the short-term). So, I will be looking to enter in a short position at around 1.1120. My stop-loss would be placed just above 1.1220. My first price target is the level of 1.1050. My secondary price target is the level of 1.0850.
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