EUR/USD Daily Outlook – Thursday, April 30

Frano Grgic • by Frano Grgić

Forex trader, Market Analyst • Apr 30, 2020 at 1:54 AM EDT

EUR/USD Daily Outlook. The currency pair is currently in a range without a clear signal where it will make next move. Being patient is crucial in these times.

As discussed Wednesday, we are now in a range like that of the previous week. Price pushed up to the level 1.08846, next to confluence level.

As I said it is best is to wait until the price makes a move and creates a signal that will tell us where to go. If you are beginner in Forex trading you should know that being patient is one of the hardest parts of Forex trading.

If you take a look into past H4 candles highs, you will see that the price had touched the same level several times and then bounced back down, again. Today we have the price right on that level trying to break out above.

We had several inside bars in the last few H4 candles which were broken further up which indicates that the bulls are stronger.

Today we might see a level where the price will make a move. For now the best thing to do is to sit down and wait on the side until the price makes a clear signal, before entering into trade.

The market is not easily predictable and we need to prepare for both bullish and bearish scenarios. Risk management is crucial in trading so play safe and set stop loss orders.

Disclaimer:

Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by author. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures, spot Forex, CFD’s, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material provided by this author. The past performance of any trading system or methodology is not necessarily indicative of future results.

High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in Forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained in this article, is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.

STOCKS IN THIS ARTICLE

Comments

Back to all articles