Long EURUSD for 300 pips profit at a risk of 100 pips
Updated
Technical Analysis:
EURUSD is trading just above the monthly pivot; it is also a significant level or previous area of resistance. I think it might go up around 300 pips from here or it will go down about 90 pips to touch another previous resistance and monthly m2 and then continue going up.
Fundamentals:
- If the Fed cuts interest rates, the USD should depreciate.
- Escalation in the Middle East or the Ukraine war can appreciate USD
- Economic news like Consumer Price Index (CPI) can move USD up or down
EURUSD is trading just above the monthly pivot; it is also a significant level or previous area of resistance. I think it might go up around 300 pips from here or it will go down about 90 pips to touch another previous resistance and monthly m2 and then continue going up.
Fundamentals:
- If the Fed cuts interest rates, the USD should depreciate.
- Escalation in the Middle East or the Ukraine war can appreciate USD
- Economic news like Consumer Price Index (CPI) can move USD up or down
Trade closed: target reached
I took a profit and closed the trade.
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