EURUSD Technical Analysis Before Today’s FOMC Meeting 📈🔍
Hello, Forex enthusiasts! Today, we’re diving deep into the EURUSD technical analysis, just before the much-anticipated FOMC meeting. This analysis is brought to you by Itai Levitan from ForexLive.com. Remember, these are trade ideas and opinions, so always trade at your own risk! Let’s jump in, watch the following EURUSD TECHNICAL ANLAYSIS VIDEO. 🚀
Current EURUSD Scenario 🌐
Looking at the current landscape, we notice that the EURUSD has slipped below the value area high, around 1.1. This is highlighted by the red PoC (Point of Control) line at approximately 1.086. The current price standing below this mark indicates a slightly bearish trend. 📉
Key Support Levels to Watch 🛑
An intriguing aspect is the green trend line acting as a potential support. This trend line has already been tested thrice, with the possibility of a fourth touch where buyers might step in. Another critical level is the developing PC at about 1.072, which traders can adjust to their preferences and time frames.
Trade Idea: Going Long 💡
Levitan puts forward a long trade idea. Here’s the breakdown:
- Entry Point: 1.7291
- Stop Loss: 1.06772 (0.48% below entry)
- Take Profit: 1.09888
This strategy offers a 2.42% upside with a favorable 5 to 1 reward-to-risk ratio. It suggests a slight breach of the blue channel before re-entering and aiming near the value area high. Exiting just below this point could yield a profitable swing trade. 📊
Risk Management: Stop Loss and Next Levels 🛡️
The stop loss at 1.06772 is crucial. If this is triggered, especially with two consecutive candles closing below it, the next level to watch is around 1.052, the value area low of this range.
Wrapping Up and Staying Informed 🌟
It’s essential to trade cautiously and stay informed. For additional insights and perspectives, keep returning to ForexLive.com. And don’t forget, these are just opinions. Trade wisely and at your own risk! 💹
Check out the video analysis for more details, and hit that like and subscribe button for more Forex insights! Happy trading! 🎥👍
This article was written by Itai Levitan at www.forexlive.com. Source