EUR/USD Slipped to $1.1595 – What’s My Buy Limit? - Forex News by FX Leaders

EUR/USD Slipped to $1.1595 – What’s My Buy Limit?

Posted Tuesday, September 11, 2018 by
Arslan Butt • 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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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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