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Sept 10, 2024

Trade ideas

EURUSD: Bearish Break?

EURUSD, Daily

EURUSDDaily.png

In the Daily timeframe, EURUSD, in a long-term bullish trend, has formed an ascending channel pattern. The price fell to the lower trend line, with Momentum falling below 100.0. However, the %R shows a significant oversold condition.

  • If the price breaks the trend line below the 1.1030 support, the drop would be to 1.0950;
  • A bounce from the trendline will bring EURUSD back to 1.1190;

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Egor Schmidt

Author: Egor Schmidt

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