How Is Our Long Term EUR/USD Signal Doing?
Skerdian Meta • 1 min read
Last Friday we opened a long term forex signal in EUR/USD. We sold this forex pair with the idea that EUR/USD had formed a top around 1.19 and now a decent pullback lower is due.
The price touched the 50 SMA on the monthly chart earlier this month but seemed unable to break higher. That moving average is standing near the top, so that's adding extra strength to the resistance around 1.19.
Another stronger signal pointing down is the lower high that this pair formed on Friday last week and on Monday this week. Lower highs mean that the trend is turning bearish.
Also, if you switch to the daily chart, you can see that the 20 SMA which has provided support last week has now been broken and has turned into resistance.
That makes 4 technical indicators pointing down and at the moment our signal looks pretty good. We are around 100 pips in profit at the moment. The softer US housing report gave USD bulls a shake but we're back to moving lower now. So, we're keeping it open targeting 200 pips at least. Although, check us from time to time because we might move the SL or TP.