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EURUSD WEEKLY UPDATE | 3/10/2019

By Margin Hero | Market Analysis

Mar 11

SUMMARY FROM LAST WEEK

We had one hell of a ride last week. Hope some of you got in on that call where we shorted EURUSD from 1.14070 all the way down to 1.12086. It was a perfect 10R:R, and nearly a 200 pip gain!

CURRENT THOUGHTS

So what’s next for EURUSD? Well, I am seeing a potential stop sweep where we push down towards 1.117. I have longs stacked around there to play a quick bounce, and this next push down should give us the bullish divergence we want to see.

HIGH RISK DISCLAIMER:

Remember, this is high risk and is against the current bearish trend. This is only recommended for more experienced traders who have quick fingers and can get out fast when directions change.

The position I plan to take will be a lot smaller since it is a counter trend trade, and I am only risking 1% of my overall account value.

If you decide to play this week, keep your stop tight and keep moving it up as price tip-toes up to our take profit

PROFIT TARGETS:

If everything goes according to plan, I am anticipating a bounce toward 1.13279 (.618 Fib), which should be an easy 50 pip gain for this week.

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