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19.08.202010:23 Forex Analysis & Reviews: EUR/USD updates yearly high

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EUR / USD rate passed a price level of 1.19150 yesterday, thereby rewriting the yearly high. It took place during the US trading session, and if traders want to turn it around now and bring the quote to a target price decrease, long positions must be opened, following scheme below:

Thus, if the quote undergoes a true breakout, positions may be held until the quote approaches the main monthly area.

The whole intrigue will unfold around the mirrored and round level of 1.19, which will be closely followed by the bulls. Long positions should be set up after a true breakout, as such will lead to a collapse and price drop in the instrument.

Price Action and Stop Hunting strategies will be used for this method.

Nonetheless, don't forget to control the risks. Good luck!

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