Potential Long Opportunity for EURUSD

21. Apr. 2020

Prices are currently ranging and finding it difficult to break out of the current support level. This might be because of the confluence of a daily rising trendline (red line). Thus, i will look for a potential long position for this pair. I will enter if it breaks out of the minor downward trendline (purple line) and buy on the pullback. As with all things in trading, it might not play out as we hope, thus, i want to note down that if it instead breaks through the current support, then we will take a look at potential short positions. We shall take a wait and see approach now and let the markets play out.