The EURUSD is facing a critical resistance level where it has encountered selling pressure in the past. While the uptrend remains a possibility, entering long positions now might be premature.
Technical Analysis:
Resistance Hurdle: The current price sits at a significant resistance level. This zone has historically acted as a barrier, causing price reversals.
Trading Strategy:
Confirmation is Key: Avoid chasing trades at resistance. Look for a confirmed breakout above resistance or a shift in market sentiment before entering long positions. This could involve a bullish price pattern forming or a daily candle closing decisively above the resistance zone.
Alternative Approaches: Consider swing trading strategies or waiting for a pullback towards support before entering a long position with a tighter stop-loss.
Remember: Patience is crucial in trading. By waiting for confirmation and proper risk management, you can increase your chances of success in the EURUSD market.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.