EURUSD Potential Forecast | Tuesday 21st February 2023
Hi everyone, welcome back to another week's trade idea.
Today's trade idea will be on EURUSD and it will only be valid if price comes up to clear the daily high.
Rationale being is that there is alot of liquidity building at the top which I myself am not comfortable taking.
Hence, I will play the conservative route and wait for price to sweep buyside liquidity first.
Fundamental context
1. USD remains strong
2. USD have potential to continue strengthening in light of upcoming news such as the preliminary GDP
3. Expecting USD GDP to be good, given the multiple good economic data releases
Technical context
1. EURUSD is on a bear trend
2. Lower highs and lower lows is present
3. Price is currently on a retracement
4. Potential point of target for price to tap into is the weekly low at ~1.06127 odds
5. Key resistance level marked out where price can reject from
Trade safe guys!
Regards,
Chern Yu
Today's trade idea will be on EURUSD and it will only be valid if price comes up to clear the daily high.
Rationale being is that there is alot of liquidity building at the top which I myself am not comfortable taking.
Hence, I will play the conservative route and wait for price to sweep buyside liquidity first.
Fundamental context
1. USD remains strong
2. USD have potential to continue strengthening in light of upcoming news such as the preliminary GDP
3. Expecting USD GDP to be good, given the multiple good economic data releases
Technical context
1. EURUSD is on a bear trend
2. Lower highs and lower lows is present
3. Price is currently on a retracement
4. Potential point of target for price to tap into is the weekly low at ~1.06127 odds
5. Key resistance level marked out where price can reject from
Trade safe guys!
Regards,
Chern Yu