Top trade idea for April 23rd, 2015 – EURUSD
By Mircea Vasiu on Apr 23, 2015 12:05:00 GMT
This is the eurusd hourly chart and even if the time frame is so small, it should give us a nice reason for going both short and long.
The first step is to short the pair from current levels all the way to making a move below the 1.0518 but the take profit should be a couple of pips higher, just to avoid a fake move. Wave c in a triangle should be a corrective one, so look for a zigzag or a zigzag family pattern to come so pretty powerful downside momentum.
It is hard to believe that once down there market is not going to break the previous lows in the 1.0460 area, but we want to go long in there with a stop into the 1.02 and a take profit all the way back to 1.13.
I know it’s a long shot, but we should bear in mind that this pair is stretching almost to parity from the 1.40 level so some sort or correction is needed.
I would say the correction to the upside would come after this triangle in green is going to be completed, and this could take some time.
About Mircea Vasiu
Mircea Vasiu has an MBA in International Business from an American University, graduating Magna Cum Laudae. He has been a professional trader for the last 8 years and is involved in various educational projects for different financial companies. He also runs a trading signal for the currency markets at www.capitalpropertiesfx.com.
Recent posts by Mircea Vasiu
- Top trade idea for December 1st, 2016 – USDCAD
- Top trade idea for November 24th, 2016 – USDCAD
- Top trade idea for November 17th, 2016 – EURAUD
Market commentary and/or opinions presented do not necessarily represent the opinions of ForexNews. You are advised to conduct your own independent research before making a decision. This website is an information site only. Accordingly, ForexNews makes no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. You should obtain individual financial advice based on your own particular circumstances before making an investment decision on the basis of information on this website.