Welcome trading legends,
In this post, 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 Euro is trading nearly flat against the U.S. Dollar on Tuesday, but the price action suggests a tentative trade as a new coronavirus strain spread across Britain, closing key trade routes and creating a supply-chain nightmare while time was running out to strike a post-Brexit trade deal.
At 14:07 GMT, the EUR/USD is trading 1.2237, up 0.0002 or +0.02%.
Low liquidity could still be a problem today, following Monday’s whipsaw trade. Many major bank players have logged out for the year. This may have exaggerated the speed and size of the dollar’s gains against other currencies. Thin trading conditions, coupled with surprise headlines could lead to more of the same kind of trading on Tuesday.
The main trend is up according to the daily swing chart. A trade through 1.2273 will signal a resumption of the uptrend. The main trend changes to down on a move through 1.2059.
The minor trend is also up. A trade through 1.2130 will change the minor trend to down, shifting momentum to the downside.
The minor range is 1.2273 to 1.2130. Its 50% level at 1.2202 is support.
The second minor range is 1.2059 to 1.2273. Its 50% level at 1.2166 is the last potential support before the minor bottom.
Daily Swing Chart Technical Forecast
The early price action suggests the direction of the EUR/USD on Tuesday will be determined by trader reaction to 1.2202.
Bullish Scenario
A sustained move over 1.2202 will indicate the presence of buyers. If this move can create enough upside momentum then look for traders to attempt a breakout over 1.2273, but the low volume could pose a problem for the bulls. It’s hard to buy strength when the volume is low.
Bearish Scenario
A sustained move under 1.2202 will signal the presence of sellers. The first downside target is 1.2166. If this fails then look for prices to drift into 1.2130. This price is a potential trigger point for an acceleration to the downside.
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. May the Forex be with you.
Comments