EUR/USD: Trading Recommendations
Yuri Papshev | Sep 03, 2021 08:08AM ET
At the beginning of today's European session, EEUR/USD is trading near the 1.1870 level, and in general, the positive dynamics of the EUR/USD remains, due to the weakness of the dollar. In case of a breakdown of the resistance levels 1.1885, 1.1900, we can expect further growth towards the key resistance level 1.2065. Its breakdown will return EUR/USD to the bull market zone with the prospect of its further growth to the resistance levels of 1.2180 (Fibonacci level of 50% of the upward correction in the wave of the pair's decline from the level of 1.3870, which began in May 2014, and the highs of 2018), 1.2260, 1.2340, 1.2450, 1.2500, 1.2580 (61.8% Fibonacci level), 1.2600.
In an alternative scenario and after the breakdown of the support levels 1.1830, 1.1803 EUR/USD will go deep into the descending channel on the daily chart, and the breakout of the support level 1.1780 (Fibonacci level 38.2%) will signal the resumption of the downward dynamics in EUR/USD.
h2 Trading Recommendations/h2Sell Stop 1.1855. Stop-Loss 1.1905. Take-Profit 1.1830, 1.1809, 1.1803, 1.1780, 1.1710, 1.1665, 1.1625
Buy Stop 1.1905. Stop-Loss 1.1885. Take-Profit 1.1950, 1.2065, 1.2180, 1.2260, 1.2340, 1.2450, 1.2580, 1.2600
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