EUR/USD left a trap for buyers

By | December 4, 2019
InstaForex
EUR/USD left a trap for buyers

Long-term review

Good evening, dear traders! I present the trading idea for the EUR/USD pair.

Today, December 4, data on employment in the non-productive sphere of the United States were released at 14:00 Universal time and at the same time, statements by the Bank of Canada were passed, which significantly strengthened the Canadian dollar. Against this background, the dollar strengthened locally, including relative to the euro.

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On the daily time frame, the EUR/USD pair closes with a “double bottom” at a quote of 1.10650. It is behind this minimum that buyers have been hiding for the last two days:

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How to earn profit and/or not to lose? Very simple.

1. If you are in short positions – I recommend taking profit at a quote of 1.10650.

2. If you are not in position – develop the target of 1.10650.

3. If you are in the “longs” – I do not recommend putting a stop below the level of 1.10650 – it will be removed by a true or false breakdown.

Good luck in trading and see you tomorrow at the morning review!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Andrey Shevchenko,
Analytical expert
InstaForex Group © 2007-2019

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