EURUSD: Long from 1.16200 and Short from 1.17500
The price bounced from 1.16200 and the daily chart is going to give us a reversal signal. We can use the reversal from the support zone for buying. The profit targets are SMA200 and 1.17500 resistance.
The price reversal from SMAs will give short opportunities in the direction of the main downtrend. We also can short following a breakout signal below the support zone. But in such a case, we won't have a good entry point. I would prefer to open short trade as close to 1.17500 as possible.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
The price reversal from SMAs will give short opportunities in the direction of the main downtrend. We also can short following a breakout signal below the support zone. But in such a case, we won't have a good entry point. I would prefer to open short trade as close to 1.17500 as possible.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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