CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

EUR/USD

Market Opportunities - 03/08/2020

03 August, 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 downtrend opportunity based On 1.00 Lot Calculation:

  • Solid PMI data across the euro zone did not provide a meaningful support for the common European currency, at least on Monday morning.
  • The US Congress has not decided yet on the new stimulus package for struggling small businesses and the unemployed.
  • Technically, the currency pair is far above the 20, 50 and 100 simple moving averages, indicating a potential reversal of the EUR/USD movement.

EUR/USD, August 3, 2020
Current price: 1.1725

EUR/USD

Weekly

Trend Direction

DOWN

Resistance 3

1.1865

Resistance 2

1.1835

Resistance 1

1.1815

Support 1

1.1635

Support 2

1.1615

Support 3

1.1585

Example of calculation based 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 $

-1,400

-1,100

-900

900

1,100

1,400

Profit or loss Short in €**

-1,182

-929

-760

760

929

1,182

Profit or loss Short in £**

-902

-839

-686

686

839

1,068

Profit or loss Short in C$**

-1,880

-1,477

-1,208

1,208

1,477

1,880

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 11:25 (GMT+1) 3/8/2020
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 detail

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