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EUR/USD

Market Opportunities - 27/07/2020

27 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 dollar began the week under pressure from intensifying U.S. - China increasing tensions over consulate issues and rising worries that the coronavirus resurgence in the United States could undermine the recovery in the world’s biggest economy.
  • This morning, the US dollar fell against the Euro to the lowest level in the last two years after Eurozone currency get strong support from EU leaders last week through a 750 billion Recovery fund.
  • From Technical perspective, EUR/USD is in an extremely upward movement, supported by all major technical indicators. The Daily Relative Strength Index is above 80 suggesting a strong position, but in the other way it may be considered as a resistance point. Also the pair current price is well above 20-day, 50-day and 200-day Moving Averages giving also strong support to the price to go up. If the price manages to stay above the level of 1.1700 in the next few days, the price may continue to increase to the Resistance 1 level of 1.1775.

EUR/USD July 27, 2020
Current Price: 1.1697

EUR/USD

Weekly

Trend direction

UP

Resistance 3

1.1931

Resistance 2

1.1853

Resistance 1

1.1775

Support 1

1.1619

Support 2

1.1541

Support 3

1.1463

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

EUR/USD

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

2,340.00

1,560.00

780.00

-780.00

-1,560.00

-2,340.00

Profit or loss in €**

1,998.97

1,332.65

666.32

-666.32

-1,332.65

-1,998.97

Profit or loss in £**

1,821.86

1,214.57

607.29

-607.29

-1,214.57

-1,821.86

Profit or loss in C$**

3,175.61

2,117.08

1,058.54

-1,058.54

-2,117.08

-3,175.61

* 1.00 lot is equivalent of 100000 units
** Calculations for exchange rate used as of 11:00 (GMT+1) 27/07/2020
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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