The EUR/USD continues to trade bearish below 1.1800 support. It becomes a resistance level, having hit the low of 1.1740 level mainly due to the broad-based U.S. dollar latest recovery moves, supported by Friday’s better-than-expected employment report. However, the gains in the U.S. dollar could be limited or short-lived as uncertainty remains about the U.S. economic recovery.
On the other hand, the latest Bank of France economic forecasts confirmed that the euro economy contracted in line with expectations in the 2nd-quarter of 2020, which tends to undermine the shared currency and contributed to the currency pair losses. At the moment, the EUR/USD currency pair is currently trading at 1.1768 and consolidating in the range between 1.1760 – 1.1801.
Technically, the EUR/USD is trading at 1.1762, and our forex trading signal seems to be doing fine now. Closing of candles below 50 periods EMA at 1.1805 is suggesting odds of bearish trend continuation. The leading indicators, such as RSI and MACD, are still holding in a selling zone and can drive EURUSD prices further lower until the 1.1700 level. Besides, the 2-hour timeframe also shows the lowers low and lowers high pattern, which also supports the bearish trend of the EUR/USD. Check out our forex trading signal below…
Entry Price – Sell 1.17523
Stop Loss – 1.17923
Take Profit – 1.17123
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
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