As you must already know, the direction of Gold is mainly dependent on the Price action of DXY (US Dollar index). So first, we take a look at the US Dollar index.
Levels to trade EUR/USD
2020-09-18 • Updated
EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870. The pair needs to rise above this level to get a chance to rise to 1.1900/15. On the H4, support is seen in the 1.1835/30 area. As a result, we’ll sell on the break below this support targeting 1.1800 and 1.1760.
Trade ideas for EUR/USD
BUY 1.1775; TP 1.1905; SL 1.1760
SELL 1.1825; TP1 1.1800; TP2 1.1760; SL 1.1.1840
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The trend in the scenario above is clearly bearish. We have also had a recent break of structure at the marked horizontal arrows, which means we can expect price to react from the supply zone that broke the structure.
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