EURUSD Technical Analysis And Trade Setup
The speculative positions in the futures market are still net long the EURO.
The pair is trading at 1.16800 as of writing, testing the EMA 50 support and BB Median Line.
On the upside 1.16900, 1.17200 and 1.17500 are the key levels. If the pair makes a clear breakout above 1.17500, it will test 1.18500 major resistance.
On the downside 1.16570, 1.16270 and 1.1600 are level to watch.
On the bigger picture.
EURO bulls think that EURUSD is consolidating for a bullish breakout. This is possible but the charts are telling us a different story.
EURUSD is forming a triangle pattern after April – May bearish move. And mostly, this picture appears as a continuation pattern. A break below the triangle pattern will be the indicator of the new trend. The target of the formation is somewhere around 1.12000.
We will focus on the direction of the breakout while keeping our short positions.
Rules To Keep In Your Mind: Trade Safe. Money Management is the key to success in forex trading. Do not risk more than 1% of your account in each trade.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
EURUSD Trade Idea Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility