For Traders

Analytical Reviews

Technical analysis

07.10.202015:34 Forex Analysis & Reviews: Trading tips for EUR/USD

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Good afternoon, dear traders! Here is a trading tip for EUR/USD for today.

Yesterday, following Jerome Powell's speech, the US dollar strengthened against all currencies, including the euro. This caused a drop in the EUR/USD pair.

In the New York session on Wednesday, I suggest that you continue trading within the downtrend from yesterday in order to test new weekly stops set by the bulls at 1.16850.

In fact, we have a three-wave structure where the A wave was formed amid yesterday's news. Today we observe a pullback of more than 50%.

The idea to keep following the downtrend will be relevant until the price breaks below the level of 1.8. Take profit when the price hits 1.16850.

The return rate of the trade is 3 to 1.

This trading recommendation is presented within the framework of the Price Action and Stop Hunting strategies.

Good luck in trading and watch your risks!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.