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EUR/USD

Market Opportunities - 22/07/2020

22 July, 2020

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

EUR/USD uptrend opportunity based On 1.00 Lot Calculation:

  • The European Union finally reached a deal on post-pandemic recovery after marathon summit early on July 21. European Union leaders agreed on a massive stimulus plan for their coronavirus-blighted economies at a pre-dawn meeting on July 21 after a fractious summit that lasted almost five days. The 27 European Union governments have reached a breakthrough agreement over the region’s 750 billion euro pandemic recovery fund, which could continue to support the Euro.
  • From a technical perspective, the EUR/USD might be expected to trade on the upside as the weekly Relative Strength Index has remained upward sloping above the level of 50 targeting the overbought threshold of 70.0.

EUR/USD, July 22, 2020
Current Price: 1.15700

EUR/USD

Weekly

Trend Direction

UP

Resistance 3

1.18400

Resistance 2

1.17500

Resistance 1

1.16600

Support 1

1.14800

Support 2

1.14000

Support 3

1.13000

Example of calculation base on weekly trend direction for 1.00 Lot*

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss Short in $

2,700.00

1,800.00

900.00

-900.00

-1,700.00

-2,700.00

Profit or loss Short in €**

2,330.10

1,553.40

776.70

-776.70

-1,467.10

-2,330.10

Profit or loss Short in £**

1,831.23

1,414.63

707.31

-707.31

-1,336.04

-2,121.94

Profit or loss Short in C$**

3,623.29

2,415.53

1,207.76

-1,207.76

-2,281.33

-3,623.29

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 13:30 (GMT+1) 22/07/2020
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Senior Account Manager for more details

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