EUR/USD Slipped to $1.1595 – What’s My Buy Limit?
The common currency Euro is falling dramatically right after hitting our take profit level of $1.1635. The bearish move initiated upon the..
Arslan Butt•Tuesday, September 11, 2018•1 min read
The common currency Euro is falling dramatically right after hitting our take profit level of $1.1635. The bearish move initiated upon the closing of the inverted hammer pattern on the hourly chart.
Anyhow, I’m looking to take another buying position in the EUR/USD near $1.1580. As you can see in the chart, the 50 – periods EMA is likely to support the pair at $1.1585. The double bottom pattern is also likely to support the pair at the same level of $1.1585.
So, I’m putting the buy limit near $1.1585 and upon confirmation of bullish reversal, I will reenter the market.
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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