For Traders

Analytical Reviews

Technical analysis

10.11.202011:51 Forex Analysis & Reviews: Trading idea for the EUR/USD pair

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.

News that Pfizer has completed its third vaccine test led to the sharp strengthening of the US dollar against other currencies, including the euro.

In fact, the only level that euro bulls could put stop orders now is at 1.17900.

Taking into account such a scenario, plus the fact that the quotes have formed an ABC pattern on the trading chart (wave "A" is the downward initiative from yesterday), the best action right now is to open short positions, starting from the 61.8 and 50 Fibonacci retracement levels.

The risk / profit ratio of such a transaction is 1: 1.

But of course, there is still the need to manage and control the risks in order to avoid losing profit. As we all know, trading in this market is very precarious and uncertain, but also very profitable provided that we use the right strategies.

Price Action and Stop Hunting were used for the above trading idea.

Good luck!

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.