On Thursday, the single currency euro slipped to its weakest level in a month following data, which showed a dramatic slowdown in the Eurozone’s economic activity. The business activity is mostly halted by government-imposed lockdowns to prevent the coronavirus pandemic.
The major currency pair EUR/USD exhibited selling bias as it’s price fell from 1.0800 level to 1.07780 level. Currently, it’s holding above 1.0770 level, which marks double bottom support for the EUR/USD. On the upper side, the EUR/USD has closed a hammer patter, which is fading the bearish bias for the pair.
Anyways, we opened a sell trade at 1.0798 as soon as the EUR/USD violated the symmetric triangle pattern on the 4-hour timeframe. The stop loss and take profit were placed at 1.0838, 1.0758, respectively. However, we decided to close the trade early as the pair failed to violate the double bottom support area of 1.07650. Let’s keep an eye on 1.07650 now as we may open another sell trade below this level upon bearish breakout.
Entry Price: Sell at 1.0798
Take Profit .0758
Stop Loss 1.08381
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40