Good evening guys!
Welcome all new trading floor members. What a time to be trading!
This evening we are looking at the EURUSD.
The EUR has been performing extremely well against commodity related currencies like the AUD, NZD and CAD.
From the 21st of FEB – 10th March the EURUSD rallied over 700 PIPS!!
The EUR may now come under pressure against the USD as Europe goes into quarantine. Their economy is going to come into a tough period over the coming months.
Between Italy, France, Germany and Spain there is roughly 50,000 cases of corona virus, which is accelerating rapidly.
We will no look to place short positions on the EURUSD.
On the daily time frame you can see the EURUSD has broken back into the descending channel. Take profit targets can be found at 1.0890 and 1.0780.
EURUSD – 4 Hour
Trade setup 1: SELL – Market order (current rate 1.1012), stop loss set at 1.1152 and take profit set at 1.0780
Stop loss: 140 PIPS
Take profit: 232 PIPS
Trade set up 2: SELL LIMIT – Entry Price 1.1090, stop loss 1.1152 and take profit set at 1.0780
Stop loss: 62 PIPS
Take Profit: 310