Last week I gave a trade idea on XAUUSD with a target around the $2,020 price line. At the time of writing, XAUUSD already exceeded the target and I’m sure that would leave a lot of people wondering what to expect next. Below, I have presented my view of how I expect the price action to turn out in the meantime.
EUR/USD looks ready for more downside
2020-09-09 • Updated
EUR/USD is supported around 1.1750. However, the pair has already fallen below the summer support line. We’ll view buy trades only when the pair returns above 1.1800. Until that happens, it’s necessary to be ready for further declines – a very likely scenario given the approaching ECB meeting on Thursday. The Awesome Oscillator has entered the negative zone. The fall below 1.1750 will trigger a slide to the 1.1700/1680 area.
Trade idea for EUR/USD
SELL 1.1745; TP 1.1700; SL 1.1760
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Bearish Scenario: Selling below 22.65 with TP1: 22.34 (intraday) and TP2: 22.02 (swing). Bullish Scenario: Buying above 22.70 with TP1: 22.90.
Intraday and swing scenarios based on price action and volume profile.