EURSEK Pullback!

EURSEK             was last mentioned in this post after price broke through a resistance level .
Since then price has started to pull back which is a part of trading. If we look at the history of this forex pair, we can see that price tends to use previous areas of resistance as support levels so we will have to see if price will do the same with this recent support level .

If price bounces off support then we should see price move up to create new highs. If the support level is broken then we may see a change in direction or it may just be a deep pullback to another support level before the continuation of the trend. Price may even move down towards the 50 simple moving average .

As the overall trend is bullish and the higher timeframes are showing a bullish bias then we just have to sit back and wait for price to make the next move.
Remember that in order to make profit as a trader we need to cut our losses short and maximize our winning trades. So in this case, if support levels are broken, know when to close the trade and avoid bringing emotions into it.

The next few trading days may determine where price will be heading so we shall have to wait and see.

Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!

Sublime Trading

By admin