EURUSD recently formed a double top at 1.0930, signaling a potential trend reversal, and has since begun a correction. After a 600-pip rally since early March, a pullback at this stage is both expected and healthy. Given these conditions, we are placing a direct sell order at 1.0830, targeting a 200-pip profit.
Our bearish outlook is further supported by the formation of a Death Cross, a classic signal of shifting momentum. Although the pair experienced a brief pullback, the resistance held firm at the 50% Fibonacci retracement level, reinforcing the bearish scenario. Since then, the price has resumed its decline, strengthening our conviction in this trade setup.
To effectively manage risk, we are setting a stop-loss at a 1.2% distance, allowing for natural market fluctuations while protecting against excessive losses. Our take-profit target is positioned at 1.0600, aligning with a key technical support level. This setup offers a strong risk-reward balance, and we anticipate further downside in the coming sessions.
Profit & Loss
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