EUR/USD Faces Downward Pressure Amid Strong USD Momentum
The EUR/USD has shown a bearish momentum, backed by both technical and fundamental factors. The currency pair has been on a decline, marked by its positioning below the critical 200-day SMA. SocGen's prediction about the pair possibly reaching parity and HSBC's prediction of USD strengthening further support a bearish sentiment.
TRADE IDEA DETAILS
CURRENCY PAIR: EUR/USD
CURRENT TREND: Bearish
TRADE SIGNAL: SELL
👉ENTRY PRICE: 1.0615 (current price, but would ideally wait for confirmation of a break below this level)
✅TAKE PROFIT: 1.0516 (March low, and then potentially 1.0481 if it breaks the March low)
❌STOP LOSS: 1.0665 (A slight buffer above the current level to give the trade some room)
FINAL THOUGHTS:
Given the current scenario, a sell trade on the EUR/USD seems favorable. However, like any trade, it's essential to manage risk and keep updated with global economic news that can influence currency movements.
TRADE IDEA DETAILS
CURRENCY PAIR: EUR/USD
CURRENT TREND: Bearish
TRADE SIGNAL: SELL
👉ENTRY PRICE: 1.0615 (current price, but would ideally wait for confirmation of a break below this level)
✅TAKE PROFIT: 1.0516 (March low, and then potentially 1.0481 if it breaks the March low)
❌STOP LOSS: 1.0665 (A slight buffer above the current level to give the trade some room)
FINAL THOUGHTS:
Given the current scenario, a sell trade on the EUR/USD seems favorable. However, like any trade, it's essential to manage risk and keep updated with global economic news that can influence currency movements.