Aloha, traders!
Welcome back to another trade analysis.
Today, we will be shaking things up with an analysis in the forex market. In recent, crypto has been somewhat sideways. Our trades have all resulted in profits but not nearly as high as we had projected. But don't fear, there's always another trade developing in another market. In this case, it's shorting EURUSD.
My main reason for this position is, as shown in the chart above, the Euro broke below a former support line, now a resistance line. As it climbs back up to it, we can expect the Euro to bounce off it and shoot lower. I project the Euro to drop as low as 1.11111 by the end of the month.
However, be sure to set a stop for this trade, as it has potential to rebound up to the main resistance line (black) above.
Thanks for reading, leave a like if you agree!
Welcome back to another trade analysis.
Today, we will be shaking things up with an analysis in the forex market. In recent, crypto has been somewhat sideways. Our trades have all resulted in profits but not nearly as high as we had projected. But don't fear, there's always another trade developing in another market. In this case, it's shorting EURUSD.
My main reason for this position is, as shown in the chart above, the Euro broke below a former support line, now a resistance line. As it climbs back up to it, we can expect the Euro to bounce off it and shoot lower. I project the Euro to drop as low as 1.11111 by the end of the month.
However, be sure to set a stop for this trade, as it has potential to rebound up to the main resistance line (black) above.
Thanks for reading, leave a like if you agree!