This short trade idea on EURUSD aims to capitalize on a potential continuation of the downtrend. Price has recently broken below a key support level and is approaching a potential resistance zone.
Entry: 1.07400
Stop Loss: 1.07745 (place above the recent swing high to account for potential retracement)
Take Profit: 1.05879 (targets a previous support level that could turn resistance)
Rationale:
Downtrend: The recent price action suggests a downtrend is in place.
Support Break: Price has broken below a key support level, indicating bearish momentum.
Resistance Zone: The current price is approaching a potential resistance zone, which could lead to a reversal.
Risk Management:
Always practice proper risk management by using a stop loss and limiting your position size.
The stop loss should be placed above the recent swing high to account for potential retracement.
The take profit targets a previous support level that could turn resistance.
Additional Notes:
Confirmation of the short signal could be a bearish candlestick pattern at the entry price.
Monitor economic data releases and central bank news that could impact the EURUSD price.
This is just a trade idea, and you should always do your own research before entering any trade.
Entry: 1.07400
Stop Loss: 1.07745 (place above the recent swing high to account for potential retracement)
Take Profit: 1.05879 (targets a previous support level that could turn resistance)
Rationale:
Downtrend: The recent price action suggests a downtrend is in place.
Support Break: Price has broken below a key support level, indicating bearish momentum.
Resistance Zone: The current price is approaching a potential resistance zone, which could lead to a reversal.
Risk Management:
Always practice proper risk management by using a stop loss and limiting your position size.
The stop loss should be placed above the recent swing high to account for potential retracement.
The take profit targets a previous support level that could turn resistance.
Additional Notes:
Confirmation of the short signal could be a bearish candlestick pattern at the entry price.
Monitor economic data releases and central bank news that could impact the EURUSD price.
This is just a trade idea, and you should always do your own research before entering any trade.