Our current outlook on EUR/USD

This is a snippet of the trading reports we send to our members. Here’s how we are trading EUR/USD.
Analysis time frame- weekly/daily . We can see a very strong primary downtrend. The big money is in the trend so we prefer to follow the trend.

Price failed to rally and break the ceiling at 1.1434 therefore indicating that the downtrend was still intact
we then initiated a short position(selling) 0.20 lots at 1.1414 with a sl at 1.1495 (80 pips from the entry)
trade has been held for 3 trading days and when price moved in our anticipated direction for 160 pips (double the pips risked) we took off half of the position and moved stop loss to breakeven.

Our stop loss effectively becomes a Trailing stop. Strong floor at 1.1304 failed to hold yesterday therefore the primary Trend is still intact. If this new Technical resistance level at at 1.1304 fails to hold, we will take off a quarter of the remaining position. See below chart!

 

Analysis done by Denis Mwenga.

 

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