Entry Point (Bearish): If the EUR/USD has recently experienced a strong downtrend, you could consider entering a short position at a resistance level or retracement level after a pullback. For example, a rally to the 38.2% Fibonacci retracement level might provide a selling opportunity if the overall trend remains bearish.
Take Profit at 38.2% Retracement: This level often serves as the first point for a retracement or bounce in the market. It can be a good first take-profit level for a bearish trade, especially if the price starts reversing after hitting this zone.
Take Profit at 61.8% Retracement: The 61.8% level is often seen as a stronger level for potential reversals in a trend. If the EUR/USD continues its downward movement, you might look to exit your trade here for a bigger move down. This is a deeper retracement level and could signal more significant continuation of the bearish trend.
Stop Loss: Placing a stop-loss above the 61.8% retracement level would make sense, as it would protect your position in case the market reverses and goes against your bearish outlook.
Take Profit at 38.2% Retracement: This level often serves as the first point for a retracement or bounce in the market. It can be a good first take-profit level for a bearish trade, especially if the price starts reversing after hitting this zone.
Take Profit at 61.8% Retracement: The 61.8% level is often seen as a stronger level for potential reversals in a trend. If the EUR/USD continues its downward movement, you might look to exit your trade here for a bigger move down. This is a deeper retracement level and could signal more significant continuation of the bearish trend.
Stop Loss: Placing a stop-loss above the 61.8% retracement level would make sense, as it would protect your position in case the market reverses and goes against your bearish outlook.
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