The EUR/USD pair continued its bullish streak for the 5th consecutive day on Thursday. They rose above 1.1600 level, amid E.U. Summit’s success & broad-based U.S. dollar weakness in the wake of increasing coronavirus cases in the U.S. However, the gains were limited because of rising safe-haven appeal after the tensions between the U.S. & China escalated over consulate issues.
The pair was trading in our favor, but unfortunately, the series of PMI figures from the Eurozone economy has driven solid bullish bias for the EUR/USD pair. French business activity expanded at the fastest rate for two-and-a-half years in the month of July, with new work expanded for the first time in five months as further businesses resumed following the coronavirus infection 2019 (COVID-19) lockdown.
Technically, the EUR/USD has traded in a bullish channel, which is providing resistance at 1.1629 level. At the moment, the EUR/USD pair is trading at 1.1609 level, and the continuation of a bullish trend can lead to its prices towards 1.1625 level. Further extension of a bullish trend can lead EUR/USD towards 1.1690 level upon the bullish breakout of 1.1625. Conversely, the bearish breakout below 50 EMA can drive more selling until the 1.1545 level. Here’s a quick trade plan…
Entry Price – Sell 1.15841
Stop Loss – 1.16241
Take Profit – 1.15441
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
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