Trading idea for the EUR/USD and GBP/USD pairs

Recently, almost all world currencies are rising against the dollar. And if we refer to the Price Action and Stop Hunting strategies, the possible transactions that we could take on them are very similar.


Yesterday, the euro traded at 1.21240, so as a result, a "double bottom" has formed, which is a great target for future short positions in EUR / USD, and could lead to two scenarios:


The GBP / USD pair has a similar picture, but the only difference is that its key level is 1.32. Such is clearly indicated by the wave patterns (ABC) formed in the chart, which shows that a decline could happen according to the scenario below:


As you can see, both currency pairs are now very similar, so it is best to trade in only one of them or divide the risks between them. This is because in both EUR/USD and GBP/USD, the same idea of strengthening the dollar is being worked on.



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Caution:

Trading involves the possibility of financial loss. Only trade with money that you are prepared to lose, you must recognize that for factors outside your control you may lose all of the money in your trading account. Many forex brokers also hold you liable for losses that exceed your trading capital. So you may stand to lose more money than is in your account. Smart Analysis Pvt takes not responsibility for loss incurred as a result of our trading signals. By signing up as a member you acknowledge that we are not providing financial advice and that you are making a the decision to copy our trades on your own account. We have no knowledge on the level of money you are trading with or the level of risk you are taking with each trade. You must make your own financial decisions, we take no responsibility for money made or lost as a result of our signals or advice on forex related products on this website.

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