The short-term euro downtrend continued last Friday. As a result, the Intermediary Zone 1.0488 – 1.0478 yielded profits, and June 30th low was updated. However, traders failed to break out the Target Zone 1.0422 – 1.0403.
The Target Zone serves as a strong medium-term support. For a further fall, wait for the price to consolidate below the Target Zone. In this case, the next sales target will be the Gold Zone 1.0326 – 1.0317.
A correction is currently unfolding. Its probable target is a test of the new Intermediary Zone 1.0471 – 1.0461. The IZ serves as the trend’s border, so after reaching it, look for short trades with a target at July 1 low.
EURUSD trading ideas for today:
Sell according to the pattern in Intermediary Zone 1.0471 – 1.0461.
TakeProfit: 1.0367.
StopLoss: according to the pattern rules.
Myanfx-edu does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors.
Go to Register with LiteForex Platform
Financial Trading is not suitable for all investors & involved Risky. If you through with this link and trade we may earn some commission.
