EURUSD Market Outlook | Daily Forex Market Breakdown
EURUSD
US dollar weakness lead to EU pushing to the upside. Hitting previously anticipated levels of resistance. We ended up not taking a long on this pair because price only came down to our buy zone one time before climbing to the upside. Remember in trading you don’t want to jump on the first opportunity that is presented to you. Typically it’s smart to not jump on the 1st or 2nd opportunity, waiting for a 3rd retest/rejection increases your odds of a winning trade substantially. We are not here to rush into every trade that comes out way, we wait patiently for the highest quality, highest probability set ups. This is how you become a successful forex trader. The market takes from the impatient and gives it to the patient.
EU breaking out of a longterm trend line to the upside. We need to watch carefully to see if EURUSD is going to maintain bullish pressure or if we are going to see EU fake out to the upside then roll over. Please keep in mind that overall EU is bearish.
Keep in mind today is a huge day for fundamentals. We have slight CHF news. The biggest thing on our radar is the parliamentary elections influencing GBP today so we should see a lot of movement with GBP pairs. We also have big EUR news. So please be cautious!
US dollar weakness lead to EU pushing to the upside. Hitting previously anticipated levels of resistance. We ended up not taking a long on this pair because price only came down to our buy zone one time before climbing to the upside. Remember in trading you don’t want to jump on the first opportunity that is presented to you. Typically it’s smart to not jump on the 1st or 2nd opportunity, waiting for a 3rd retest/rejection increases your odds of a winning trade substantially. We are not here to rush into every trade that comes out way, we wait patiently for the highest quality, highest probability set ups. This is how you become a successful forex trader. The market takes from the impatient and gives it to the patient.
EU breaking out of a longterm trend line to the upside. We need to watch carefully to see if EURUSD is going to maintain bullish pressure or if we are going to see EU fake out to the upside then roll over. Please keep in mind that overall EU is bearish.
Keep in mind today is a huge day for fundamentals. We have slight CHF news. The biggest thing on our radar is the parliamentary elections influencing GBP today so we should see a lot of movement with GBP pairs. We also have big EUR news. So please be cautious!
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