Last month I shared with you a trade setup for a single currency against the Fiat King. There were two charts posted: one was showing the global map and the other one was dedicated to the short-term trade setup.
You could have booked around 1.9% or more than 200 pips by the end of the March of my earlier trade idea, where I recommended buying the euro on the dips below 1.23. The ultimate target was set according to the Fibonacci ratio projections between the $1.2647 and the $1.3139 per 1 Euro. The risk was limited below the $1.2150, and it was not materialized since then.
Indeed, the Euro dipped below $1.23 down to the $1.2240 area as planned. But on the move to the upside, it only advanced as high as $1.2477 on the 27th of March still gaining more than you could have risked. The EUR/USD couldn’t overcome the earlier top beyond $1.2556, and it retreated after that.
In this post, I updated the EUR/USD chart for you as the short-term chart structure has changed and it offers another trading opportunity. Continue reading "EUR/USD Update: Another Chance For Rally"