EUR/USD Signal Progressing Nicely – TP Soon? - Forex News by FX Leaders

EUR/USD Signal Progressing Nicely – TP Soon?

Posted Wednesday, April 5, 2017 by
Skerdian Meta • 1 min read

Last night we opened a sell forex signal in EUR/USD. We did that at around midnight London time, so I don´t think everyone had the chance to follow the signal. Those who didn´t, had a second chance to open a forex trade in the pair this morning.

We opened the EUR/UISD signal at 1.0684 when the price was close to the 100 SMA (green) on the daily chart, as you can see below.

The 50 SMA (yellow) is surely a tough nut to crack

After a quick dip to the 20 SMA on the same timeframe chart this morning, the buggers (buyers) had another attempt just a couple of hours ago to break the 100 SMA. They managed to push the price above it for a moment, but the reverse didn´t take long and down we went again.

A couple of hours ago, the USD bulls had a wake-up call and the Buck has made some reasonable gains against other major currencies. EUR/USD lost about 25 pips after failing to break the 100 SMA.

We got pretty close to hitting TP for our forex signal, but not quite.  The 50 SMA (yellow) is behaving like the 100 SMA did this morning, but in the opposite direction. The price dipped below it by several pips but has retraced back up above it.

That´s not very good for our signal because the stochastic indicator is almost oversold, which might scare the sellers. But, I´m watching the price action and if it does anything funny we might as well close it manually for whatever profit we have left. Although, there´s a really good chance we hit TP soon.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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