The EUR/USD has been fairly bearish over the last 3 weeks as evidenced by the consistent break of structures to the bearish side. With various fundamental factors against the Euro that supported the bearish price action such as the uncertainty behind further interest rate increases by the FED and the Debt Ceiling, this trade was able to generate returns on a 1:7 Risk to reward ratio and was executed during the London Market Hours FX: EURUSD Technical Factors: 1)Bearish Supply Area identified from 1.0807 to 1.0808 2)Stop Loss of 6.8 pips and entry set at 1.0806 3)Single Target Price level set at 1.07516 was the previous structure's low 4)Major Level Break of Structure of 1.07675 that vindicated the Supply area 5)Liquidity pool below Supply Area of 1.07950 taken out by the retracement Key Macro Factors: 1)Uncertainty for the EURO regarding the FED's future interest rate decisions 2)The lack of resolution as on the 23rd of May regarding the debt ceiling
Welcome to the TradingView community. Good work on your first analysis. Refer the link for guidance. tradingview.com/support/solutions/43000603748-how-to-post-awesome-ideas-and-get-lots-of-likes/
Welcome to the TradingView community. Good work on your first analysis.
Refer the link for guidance. tradingview.com/support/solutions/43000603748-how-to-post-awesome-ideas-and-get-lots-of-likes/
regards,
Vanathi