DESCRIPTION:
After breach bellow 1.3475, the EUR/USD went down to reach the target at 1.3275, but this currency pair faced 1.3325 acting as a strong support. Yesterday this currency pair was back to upside level again, however even though the price opened above all the three Moving Averages, the indicators have not formed a Golden Cross formation yet, which means the bullish momentum is still not mature.
Recommendation:
Sell stop (pending order) at 1.3399.
Take profit at 1.3385.
Stop loss at 1.3409.
Alternative:
Buy stop (pending order) at 1.3451.
Take profit at 1.3465.
Stop loss at 1.3441.
Best regards,
Official Analyst of InstaForex Group
InstaForex Group
https://instaforex.com
Email: Arief.jakarta@indo.instaforex.com
Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
