[CLOSED -200 pips] EUR/USD Trade Plan: Buy Dips around the 1.09 area
EUR/USD Trade Plan
DERBYSHIRE GB / AUGUST 1st, 2023 - This is the EUR/GBP trade plan and contains the go to market strategy.
Trade Opportunity
When comparing the outlook of the Euro and the US Dollar, it has been identified that the EUR/USD may bounce from the 1.09 area. This is anticipated as a result of a potentially weaker USD and stronger EUR as investors price in the peak US Fed Funds rate but higher EA Main Refinancing Operation rate.
Technical Evaluation
The EUR/USD is currently trading in the $1.09 area which is:
In the same area as the the short-term (50-day) average at $1.09
In the same area as the medium-term (100-day) average at $1.09
~200 pips above the long-term (200-day) average at $1.07
Research suggests that the value of the EUR/USD at this time is to stay above the $1.09 area which would coincide with the uptrend break zone which is at the 78.60% Fib.
EUR/USD Trade Plan
The EUR/USD trade plan is to buy dips around the $1.09 area with stop loss around the $1.07 area and profits to be considered in the $1.12 area.
Gavin Pearson
Retail trader since 2008
Specialises in forex G7 currencies
Funded account from the5ers.com
Member of the eToro Popular Investors Program
Regular contributor to FXStreet.com analysis and education pages
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Returned 27% in 2022 and 5.8% in 2023 H1
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