Trade of The Day: EUR/USD

Key takeaways

• How does the technical situation on EURUSD looks like?

Facts:

• EURUSD is trading in an upward move from mid-March
• The pair bounced off the horizontal support at 1.1725 USD
• The pair is trading above the 100 – period moving average form H4 interval

Recommendation: Trade: Long position on EURUSD at market price Target: 1.1833, 1.1884 Stop: 1.1680

Opinion: Looking at EURUSD at the H4 interval, we can see that the main sentiment on the pair is bullish. However, a downward correction has occurred recently, which has brought the pair down to the key support at 1.1725 USD. The support is a result of previous reactions as well as a lower limit of 1:1 structure. According to the Overbalance strategy, as long as the price sits above 1.1725 support, the main trend remains upward. We recommend going long EURUSD at market price with two targets: 1.1833 and 1.1884. We also recommend placing a stop loss order at 1.1680. Source: xStation5