• Mar 19, 2024
  • Trade ideas

EURUSD Overview: Navigating Support Levels and Market Trends

EURUSD - H4 Timeframe

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EURUSD is testing the support level of 1.0870 and the 38.2% Fibonacci level. Despite the pressure from the US currency, there was a corrective bounce from this support zone, which pushed the pair to the resistance at 1.0900. However, a further breakout of the 38.2% Fibonacci level will take the pair down to 1.0800, corresponding to the golden Fibonacci ratio.

Trade: Sell EURUSD on a breakout of 1.0870.

TP: 1.0920

Conclusion

In conclusion, trading CFDs carries inherent risks. Success in this field demands effective risk management. To minimize costly errors and capitalize on trading opportunities, it's crucial to conduct thorough due diligence and manage risks diligently.

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