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EUR/USD

Market Opportunities - 02/09/2020

02 September, 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:

  • The dollar extended overnight gains after positive U.S. manufacturing data. Manufacturing activity in the United States increased more than expected in August, with new orders surging.
  • On the flip side Eurozone currency lost more than 100 bp against the US Dollar since yesterday, due to disappointing Inflation data in Europe and worse than expected Retail sales date in Germany.
  • According to the Technical analysis, EUR/USD pair breached above 1.20 for the two times in the past few days, but it didn’t manage to stay above this psychological level, meaning that the downward path is quite possible. The Daily Relative Strength Index is at downturn, closing breaking point of 50, which separates uptrend from downtrend. If the pair price manages to fall below RSI of 50 and breach below the 20-day Moving average which is at 1.1845, then there is a high possibility that the EUR/USD may decrease toward Support 1 level of 1.1787.

EUR/USD September 02, 2020
Current Price: 1.1868

EUR/USD

Weekly

Trend Direction

DOWN

Resistance 3

1.2111

Resistance 2

1.2030

Resistance 1

1.1949

Support 1

1.1787

Support 2

1.1706

Support 3

1.1625

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

EUR/USD

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss Short in $

-2,430.00

-1,620.00

-810.00

810.00

1,620.00

2,430.00

Profit or loss Short in €**

-2,047.87

-1,365.25

-682.62

682.62

1,365.25

2,047.87

Profit or loss Short in £**

-1,819.13

-1,212.76

-606.38

606.38

1,212.76

1,819.13

Profit or loss Short in C$**

-3,174.55

-2,116.37

-1,058.18

1,058.18

2,116.37

3,174.55

* 1.00 lot is equivalent of 100000 units
** Calculations for exchange rate used as of 11:00 (GMT+1) 02/09/2020
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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