Almost a quarter has elapsed from the ECB leadership laid a benchmark for the EUR/USD at 1.20 signaling that the European central bank does not want to see the pair above that level for fear it would damage the Eurozone’s economic recovery. Since then, the spot EUR/USD has fallen as far as 1.1603 but for most of November it had been edging higher as news of the vaccines related to the pandemic and stimulus from various central banks have raised hopes across the globe of an economic recovery next year. That in turn has prompted investors to shift out of the safe-haven greenback and into more risky assets including the Euro. In trading earlier today, the EUR/USD closed conveniently above 1.20 and has remained higher. We present a continuation trade idea here for the forex pair for the Asian & European sessions of Dec 1st into Dec 2nd.
This measurement below is a Fibonacci long extension.
At TradeGuidance we try and give our subscribers clear and concise actionable ideas supported with charts every single day. We strive to analyze price moves while factoring the underlying fundamentals and present a tradeable set of levels twice daily without confusing rhetoric which otherwise derails the short-term traders’ focus. Our goals has always been to trade what we put out ourselves while encouraging our subscribers and followers to be patient and wait for the entry/entry range while respecting stated stops while leaving the profit targets entirely to the individual. There is a risk trading currencies, futures, stocks and options and there is a risk of losing all/part or in some instances more than you originally invested. We attempt to keep you in the right side of the market with manageable risk so that you can be back trading the markets every day. Follow us on Twitter at TradeGuidance where all our ideas are presented first ahead of publication on financial news websites.