Let's Risk Some EUR/USD Here
4H Chart
Daily Chart
EUR/USD declined for the third session in a row, reaching as low as 1.1780 but managed to close yesterday’s trading above 1.18 support area, while the technical indicators are heavily oversold on most timeframes, especially on the daily chart. So far, our pending orders to short EURUSD remain unchanged, but the pair is trading far below our orders. Since the technical indicators are heavily oversold, it might be wise to risk some long positions from the current area at 1.18, with a tight stop of 1.1750, with a possibility to retest 1.19 in the coming days. This is just a short term play and won’t change our bearish outlook, especially after the pair broke its trendline on the daily chart which began back in March 2020.
Short-term trade idea for EUR/USD
BUY 1.1800; TP 1.1900; SL 1.1750
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 1.1695 | 1.1749 | 1.1769 | 1.1803 | 1.1823 | 1.1857 | 1.1911 |