Welcome trading legends,
In this blog, we’ll be trading the EUR/GBP asset using the signals provided by the Tools Trades website and the IQ Option broker. Be sure to stick to the end of the video as I’ll be sharing a special promo code with you.
Allow me to explain why I’m trading this particular asset.
The EUR/USD has completed a bearish wave 3 at the Wizz target at 1.1875 and is now ready for a pullback within wave 4. The GBP/USD is in a triangle pattern and needs to reach support or resistance for a bounce setup.
n the most recent EUR/USD forecast update it was noted that “the rising trendline from the May and November 2020 lows is being pressured once more, which comes near: the 23.6% Fibonacci retracement of the 2019 low/2020 high range at 1.1945; the August and September 2020 highs at 1.1967 and 1.2011, respectively; and the 23.6% Fibonacci retracement of the 2017 low/2018 high range at 1.2033. It thus once again is the case that “failure below here would be a significant bearish technical development.’”
Bearish momentum continues to accelerate, with the pair below its daily 5-, 8-, 13-, and 21-EMA in bearish sequential order. Daily MACD is extending its drop below its signal line, while daily Slow Stochastics have plunged into oversold territory. Having closed below the rising trendline from the May and November 2020 lows, as well as the 23.6% Fibonacci retracement of the 2019 low/2020 high range at 1.1945, the August and September 2020 highs at 1.1967 and 1.2011, respectively, and the 23.6% Fibonacci retracement of the 2017 low/2018 high range at 1.2033, EUR/USD heads into next week with a bearish bias.
EUR/USD: Retail trader data shows 53.93% of traders are net-long with the ratio of traders long to short at 1.17 to 1. The number of traders net-long is 7.27% higher than yesterday and 25.27% higher from last week, while the number of traders net-short is 10.76% lower than yesterday and 10.26% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EUR/USD prices may continue to fall.
As you can see the signals from the Tools Trades website have worked!
The promo code that you see on the screen will give you more trading signals if you use them on the Tools Trades website.
Be sure to watch my other videos on the channel and read the blog page so you learn more. If you want more videos like this be sure to like and subscribe. Thanks for watching and
May the Forex be with you.
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