24 August 2019: EUR/USD
My favoured setup today is on EUR/USD
On the higher timeframes, we have been moving down correctively in a clear structure for over 9 months now. I am looking at 2 potential setups:
(1) Either a final move lower to retest the lows of 1.1026 and then a strong reversal to the upside
(2) A break and continuation above the shorter term trend at between 1.1170 and 1.2000
DISCLAIMER: This post does not constitute a trade signal or trading advice. You must analyse the charts and only wait for an entry signal that confirms the trade setup – you must then accept that the possibility exists that you could you lose on this trade and therefore you should not invest money that you cannot afford to lose.
Trading FX on margin carries a high level of risk and may not be suitable for all investors. You should be aware of the risks and seek independent financial advice if you have any doubts.