EURUSD is retesting the confluence of a downside support
After the ECB an ahead of the FED rate decision EURUSD is reaching an important do or die 1.11070 level. A rejection from here is needed for a downside extension. A break above this level would certainly lead to an extension higher with the first stronger resistance around 1.1260.
On a daily chart, it is visible that this is giving us both long/short trading opportunity. You can place a short trade entry first with a stop loss above the 1.11070 level targeting 1.09000 level and even trailing the profit further downside. If you will be stopped out from the short trade entry go long with the stop loss below 1.10700 level targeting first 1.12600 level and even higher in the case of extension. ARMAT trading system is indicating a potential 200 points of profit.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts.
Happy trading! (click on the chart to enlarge it)
10 DAYS TRIALTRY OUR SERVICES FOR 10 DAYS!
10 DAYS TRIAL
TRY OUR SERVICES FOR 10 DAYS!Telegram channel https://t.me/Trendtadingdna
Sponsored by our recommended brokers
Try our Managed accounts
