Friday’s EUR/USD Trade Is +75 Pips! This Week Should Bring More! - Forex News by FX Leaders

Friday’s EUR/USD Trade Is +75 Pips! This Week Should Bring More!

Posted Monday, October 2, 2017 by
Shain Vernier • 1 min read

Last Friday’s short recommendation for the EUR/USD has performed beautifully. Upon Sunday’s open, the profit target was hit easily, producing a nice 90+ pip move to the bear. The trade setup was a basic Fibonacci retracement play with the prevailing trend.

So, what is next for the EUR/USD? This week will certainly bring us some opportunities to engage this instrument. Let’s take a look at the technicals, and some key support and resistance levels.

Technicals

Starting the trading week off on the correct foot is always a preferable scenario. Capitalising upon volatilities facing forex pairs is often a product of superior trade location.

EUR/USDEUR/USD, Daily Chart

A few key support and resistance levels to be aware of:

  • Last week and September’s low of 1.1716

  • August’s low of 1.1662

  • 38% retracement level of 1.1826

Overview: For now, this market may enter a consolidation phase between the 38% level and the bearish support levels. If the EUR/USD continues to tighten between 1.1825 and 1.1700, playing rotation will be the trade.

Buys from the bearish support levels and sells from the 38% retracement are solid trade entries given the proper risk management parameters. Today’s close will provide an absolute range and a more defined trading plan moving forward.

As always, trade smart and for tomorrow!

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About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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