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Protect EUR/USD trade ahead of ECB decision

Protect EUR/USD trade ahead of ECB decision

Information is not investment advice

H4 chart

eurusdh4.png

Daily chart

eurusdd1.png

Two days ago, we sent out a new short trade on EUR/USD at 1.2180 in addition to a pending order to short again at 1.2205. EUR/USD managed to rise yesterday, all the way to 1.2218 before tumbling back to 1.2155 earlier today. With that being said, both positions are in profit with over +100 pips combined. Today, all eyes are headed toward the ECB decision which likely to have a major impact on EUR pairs. Therefore, it’s wise to protect our trade by moving the stop from 1.2225 to our entry. By doing this, the trade is now “Risk-Free” the worst-case scenario if EUR/USD spike to our stop, we will get stopped out without any loss. On the other hand, the next support area stands at 1.2110, while a breakthrough that support might lead to a deeper decline towards 1.2065.

S3

S2

S1

Pivot

R1

R2

R3

1.2096

1.2143

1.2161

1.2190

1.2208

1.2237

1.2284

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