⚜EURUSD Long 240pips

Hello Traders, 🙋‍♂️🙋‍♂️🙋‍♂️

Here we have a EURUSD long trade idea. If you like this idea please show your support!

USD

United States Dollar ( USD ) weakness can be seen as price has hit its resistance on a bull run. On the DXY chart below we can see price has hit our structure level and trendline. Comparing this to reversal patterns we can see a double top forming which is a clear reversal indicator, especially with the long wicks - showing clear signs of resistance.

DXY weakness

EUR

The EURO ( EUR ) has been gaining some strength recently technically. However fundamentally we may see a downside. Technically we can see other EURO pairs at their trendline locations for example EURJPY below :

EURO strength can be seen here as EURJPY is showing resistance & rejection at the structure level

Fundamental Factors :

• We have protests/riots going on in several European countries, which could push the value of the EURO lower.
  
• Germany may follow Austria into full lockdown as coronavirus cases hit new high.
  

Overall
Our analysis tells us this pair should push upwards. As we have matched 2 pairs which are moving in opposite directions we should expect some impulses or sudden movements in price action as both pairs factors will push this further up.
However due to the fundamental factors, please trade this pair with caution and appropriate risk management.

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Please trade with caution and make sure you set your stop losses! Happy Trading 😁

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Commentaire:

Stop loss has been hit, nevermind, we will look for another reentry, but staying cautious of the new laws in Austria and other protests around the EU countries