EUR/USD Hits Take Profit – What’s Next on the Cards?

The EUR/USD maintained a tight trading range of $1.1470 - $1.1420, which finally got violated during the Asian session today. The EUR/USD...


Fellas, It’s been a good start to the day as team FX Leaders has closed two trading signals at take profit in EUR/USD and AUD/USD. The volatility is back in the market and we may have more opportunities ahead as the Eurozone along with the UK and USA are scheduled to release the manufacturing PMI figures. Here’s a quick trade setup.

EUR/USD – Technical Outlook

On the 3- hour chart, EUR/USD maintained a tight trading range of $1.1470 – $1.1420, which finally got violated during the Asian session today. The EUR/USD is holding above $1.1470, the resistance level which is now working as support.

The exponential moving averages are suggesting a buying trend, while the RSI is also above 50. Now, as long as we don’t get negative releases from the Eurozone manufacturing PMI figures, EUR/USD has high odds of testing 1.1530 this week.

With that said, I will be looking to take buy positions above $1,1470 with a target of $1.1510 and $1.1530 today.

Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers