As the dollar hovers near 10-week lows, the EURUSD currency pair has rallied over 100 pips, testing a resistance level in the previous trading session. However, price action dictates that a retracement succeeds every impulse move irrespective of its direction. I believe the pair is currently facing a bearish pressure, creating enough room for a market correction, thus unveiling short opportunities.
Bearish traders expect the market to drop in value (especially after that fake out) and so attempt to profit from its decline.
On the other hand, I expect EURUSD to make a pullback in order to gain further bullish momentum and rally to break the aforementioned resistance to he upside.
Enrty: 1.21500, Stops: 1.22000 & Target: 1.20500
Trading ideas are subjective. Individual Analysis Advised.
Bearish traders expect the market to drop in value (especially after that fake out) and so attempt to profit from its decline.
On the other hand, I expect EURUSD to make a pullback in order to gain further bullish momentum and rally to break the aforementioned resistance to he upside.
Enrty: 1.21500, Stops: 1.22000 & Target: 1.20500
Trading ideas are subjective. Individual Analysis Advised.