By: John Ursus

Timeframe: W1

Recommendation: Long Position

Entry Zone: 1.3100 – 1.3150

Take Profit Zone: 1.3415 – 1.3500

Stop Loss Zone: 1.2950 – 1.3025

The EURUSD has sold-off over the past 4 trading months. The sell-off took this currency pair from an intra-day high of 1.3993 to an intra-day low of 1.3131 where it currently trades. This currency pair has broken down below its 50.0 Fibonacci Retracement, but the EURUSD could see the sell-off falter as a strong support level is in the way of a meaningful move lower from current levels.

Forex traders should split their order into several positions above and below the 1.3100 level in order to reduce risk for this trade. Any further corrections from current levels should be taken as a good opportunity to enter new long positions. Downside potential is currently rather limited while upside potential remains attractive.


Related Articles
  1. Chart Advisor

    2 Short-Term and 2 Longer-Term Trade Ideas

    Two shorter-term and two longer-term trade ideas to consider, based on trends and the possibility of a breakout.
  2. Financial Advisors

    Becoming an Advisor: Why You Should Shadow a Pro

    Meeting with financial advisors and following them during a workday will help you to know if it’s worth the time and effort to make the career switch.
  3. Financial Advisors

    Paying for College: Top Ways to Budget and Save

    Saving for your kids' college education can be complex and expensive. Here are some popular vehicles that help perpetuate college funds.
  4. Financial Advisors

    Financial Fraud: 6 Tips to Avoid It

    A good financial planner should work with you and for you. Ensure you are paying attention if you don't want to be the victim of fraud.
  5. Stock Analysis

    Why Facebook Will Never Charge User Fees

    Understand why Facebook is unlikely to ever charge users; the site's business model of leveraging free users to charge advertisers is highly profitable.
  6. Financial Advisors

    HSAs and FSAs: How to Decide Between Them

    FSAs and HSAs are both excellent ways to help cover a portion of medical costs with pre-tax dollars. Here's how to decide between the two.
  7. Financial Advisors

    When to Develop a Client Mental Capacity Checklist

    Dementia and Alzheimer’s disease aren't uncommon for elderly clients. Here's how advisors can create a plan for when mental capacity becomes an issue.
  8. Retirement

    How Much Money Do You Need to Retire at 56?

    Who wouldn't want to retire early and enjoy the good life? The question is, "How much will it cost?" Here's a quick and dirty way to get an answer.
  9. Retirement

    The Best Strategies to Maximize Your Roth IRA

    If a Roth IRA makes sense for you, here are ways to build the biggest nest egg possible with it.
  10. Investing

    In Search of the Rate-Proof Portfolio

    After October’s better-than-expected employment report, a December Federal Reserve (Fed) liftoff is looking more likely than it was earlier this fall.
  1. Does dental insurance cover crowns?

    Dental insurance coverage may vary according to the type of plan and the level of benefits that you have elected. Most dental ... Read Full Answer >>
  2. Is South Korea a developed country?

    South Korea is widely regarded as a developed country. A few index providers still classify the country as developing, but ... Read Full Answer >>
  3. Do plane tickets get cheaper closer to the date of departure?

    The price of flights usually increases one month prior to the date of departure. Flights are usually cheapest between three ... Read Full Answer >>
  4. Is Turkey a developed country?

    There are no hard-and-fast criteria for what defines developed countries. Different organizations set different standards ... Read Full Answer >>
  5. Are secured personal loans better than unsecured loans?

    Secured loans are better for the borrower than unsecured loans because the loan terms are more agreeable. Often, the interest ... Read Full Answer >>
  6. Is Israel a developed country?

    Israel is considered a developed country, although it has substantial poverty and large income gaps. The International Monetary ... Read Full Answer >>

You May Also Like

Trading Center