Protect EUR/USD trade ahead of ECB decision
H4 chart
Daily chart
Two days ago, we sent out a new short trade on EUR/USD at 1.2180 in addition to a pending order to short again at 1.2205. EUR/USD managed to rise yesterday, all the way to 1.2218 before tumbling back to 1.2155 earlier today. With that being said, both positions are in profit with over +100 pips combined. Today, all eyes are headed toward the ECB decision which likely to have a major impact on EUR pairs. Therefore, it’s wise to protect our trade by moving the stop from 1.2225 to our entry. By doing this, the trade is now “Risk-Free” the worst-case scenario if EUR/USD spike to our stop, we will get stopped out without any loss. On the other hand, the next support area stands at 1.2110, while a breakthrough that support might lead to a deeper decline towards 1.2065.
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 1.2096 | 1.2143 | 1.2161 | 1.2190 | 1.2208 | 1.2237 | 1.2284 |