The golden mountains of trading on the EURUSD currency pair
Jan 06 2017
by
Michael Wallenberg
Analyst AZA
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Strategy and research analyst on currency pair EURUSD
How to increase your foreign exchangetrading profits. Euro Dollar сurrency pair is in a short growing trend at Forex. If you look at the daily chart of this pair, it will be seen that during last two days Euro has grown in relation to the US dollar. Although the couple, in a global sense, is in a downtrend, the short-term speculation on the difference in rates is reasonable. We put small target in 85 points, as this currency pair does not possess large-scale changes in the price, and is not in a long growing trend. But traders, specializing in intraday trading or scalpers, will taste it. Yes, for big investors such a small movement may be not interesting, but for other participants of currency speculation this is a rare and good opportunity for trading. So, we wait and watch for the price, and if it continues to rise, go long.
The price is above a simple moving average 200 MA and 20 MA indicating bullish trend.
The MACD trend indicator is above zero level now, indicating bullish movement.
If the resistance level is broken you can use the following recommendation:
• Chart timeframe: H4
• The trade recommendation: Buy
• The level of entry into long position: 1.0615
• The level of profit and close the position: 1.0700 (85 pips)
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