EURUSD starts the trading session with a drop in quotes
The EURUSD currency pair started the trading session with a slight price rise but continued to fall in price again. Last week, this currency pair dropped significantly in price and it looks like the downtrend has not stopped. The price tried several times to overcome the resistance level of 1.1970, but it failed and now it is moving to its local minimum. This may be a lateral movement. Our trading strategy for today is to sell this currency pair within the channel. We place a pending sell order at the flat price of 1.1900. We will place our take profit 50 pips lower at the local low at 1.1850. Considering that the downtrend may continue after the breakout of the 1.1850 level, one can close part of the position at this price, and the other part at the price of 1.1800 where the nearest support level is located.
Order Type: Pending Order - Sell Stop
Entry Price at 1.19000
Take Profit at 1.18500
Pips Earning: 50
The result of a trade recommendation. The price reached the Take Profit level the next day and then dropped further.
The profit can be $500.00 if the trading volume of 100000 USD (1 Lot).