EUR/USD is currently in a strong downtrend, and a previous trade idea based on the break of the previous day's low and 4-hour support yielded a 40-pip gain . The analysis now indicates a potential opportunity as the price approaches another critical level.
If the price breaks below the 4-hour support at 1.06668 and retests this level with an entry confirmation, a short trade is recommended. There are three potential targets:
The first target is set at 1.06482, which is a 1-hour support level.
The second target is at 1.06319, representing another 1-hour support level.
The final target is the previous low of the day at 1.06197.
This setup could potentially yield more than 45 pips. Traders should closely monitor the price for entry confirmations and act accordingly.
if not price can pullback to 1.07064 level.
Please remember to exercise caution and implement appropriate risk management strategies. Trading carries inherent risks, and this idea is not financial advice. Conduct your own research, assess your risk tolerance, and consider seeking guidance from a professional financial advisor as needed.
If the price breaks below the 4-hour support at 1.06668 and retests this level with an entry confirmation, a short trade is recommended. There are three potential targets:
The first target is set at 1.06482, which is a 1-hour support level.
The second target is at 1.06319, representing another 1-hour support level.
The final target is the previous low of the day at 1.06197.
This setup could potentially yield more than 45 pips. Traders should closely monitor the price for entry confirmations and act accordingly.
if not price can pullback to 1.07064 level.
Please remember to exercise caution and implement appropriate risk management strategies. Trading carries inherent risks, and this idea is not financial advice. Conduct your own research, assess your risk tolerance, and consider seeking guidance from a professional financial advisor as needed.