Go with the flow, buy EUR/USD while the sentiment is positive
Skerdian Meta • 1 min read
After last Thursday´s events which we have mentioned many times, EUR/USD has been moving higher. The uptrend has been very clear and you can see it by the 50 pip gap last night when the market opened. The forex market thinks that the Brexit vote will be against leaving, or pro EU which has been sending the Euro and particularly the Pound surging higher. The polls have shown a balance recently and sometimes the leave side has jumped in front, but take that for what you must, because the market doesn´t think so.
The 20 MA looks like a nice spot to buy EUR/USD
If the market thinks that Brexit won´t happen and decides to send EUR/USD higher then that´s the direction we must follow. We can´t change the forex market, we can only follow it. So we opened a buy forex signal in EUR/USD as the price retraced to the 20 MA in grey and the stochastic reached the oversold area on the hourly chart. We did open a sell forex signal in this pair a couple of hours ago which was against the trend, but that felt that a retrace was due and it did occur, triggering the take profit on that signal. Now we think that the retrace is over and we decided to go with the flow, which is up. The trend might change in a heartbeat, but hey, that´s the nature of this business, so man up and face the risks.