Welcome trading legends,
In this blog, we’ll be trading the EUR/USD 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 remains bullish as long as price action remains above 1.2075. A bounce at the 1.21 support zone could offer an interesting reward to risk ratio. The move up should complete wave 5 of wave A. A bearish bounce is expected at the previous top as part of a larger ABC.
The GBP/USD could retrace back to and bounce at the 38.2% Fibonacci support zone around 1.3860. The main target is the round level at 1.40.
The Euro is trading higher on Tuesday, but coming off its intraday high. The single currency surged earlier in the session after a report showed Euro Zone gross domestic product fell less than initially estimated in the last quarter of 2020. Data also showed employment edged higher against the previous three months despite pandemic lockdowns, new estimates showed on Tuesday.
The European Union’s statistics office Eurostat said GDP in the 19 countries sharing the Euro contracted 0.6% quarter-on-quarter in the October-December period, for a 5.0% year-on-year fall. Eurostat earlier estimated the contraction was 0.7% on the quarter and 5.1% in annual terms.
Eurostat also said that employment grew 0.3% on the quarter in the last three months of 2020 after a 1.0% quarterly rise in the previous three months, but was still 2.0% lower than in the same period a year earlier.
The main trend is down according to the daily swing chart, however, momentum has been trending higher since the formation of the closing price reversal bottom on February 5.
A trade through 1.2190 will change the main trend to up. A move through 1.1952 will signal a resumption of the downtrend. However, the Euro is up seven-session from its last main bottom, which puts it inside the window of time for a closing price reversal top.
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.
Comments