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EUR/USD Testing Triple Top – Is It Worth Shorting The Pair?

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.

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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

Risk to Reward – 1

Profit & Loss Per Standard Lot = -$400/ +$400

Profit & Loss Per Micro Lot = -$40/ +$40

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2 replies on “EUR/USD Testing Triple Top – Is It Worth Shorting The Pair?”

after entering now it is -30.1 .. and AT HIS TIME, you share the justification/reasoning behind the trade. i have taken the call on trust.. hopefully unlike last time let GOD bless not to lose again..

i take trades after getting convinced of the reasoning.. GOD’s willing LOSS suffered as this trade was taken on trust.. ..thank you

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