01-06-2019, 06:33 AM
EURUSD is one of the most important major pairs. Many day traders love to trade EURUSD. When you trade a currency pair, you should have a rough idea of its daily range. Average daily range of EURUSD is around 40-60 pips. But sometime it can move big time. This happens when there is uncertainty in the financial markets. Take a look at EURUSD H1 chart below:
![[Image: EURUSDH111.png]](https://www.doubledoji.com/go/EURUSDH111.png)
Above you can see EURUSD price action during the last week. First negative news and EURUSD starts falling. Then it rises. When I trade EURUSD, I am able to find find trades with tight stop loss. Most of the time the stop loss can be less than 10 pips. Just make sure that you don't have a very high take profit target. 40-50 pips profit target is okay for most of the days. Sometimes the pair will move big time. But you cannot predict those days. Most of the time you just have a vague idea. Take a look at EURUSD daily chart below:
![[Image: EURUSDD11.png]](https://www.doubledoji.com/go/EURUSDD11.png)
Now you can see in the above EURUSD daily chart, EURUSD has been ranging for many days on the daily chart. This is precisely what I had said above. Most of the time, EURUSD will be ranging. EURUSD moves big time when there is a press conference by ECB. European Central Bank has a tight control over EURO. EURO is now roughly 19 years old. It has faced many challenges and come out safe and sound. But still there are some structural problems that can make this currency experiment a failure. More on that in a future post.
Above you can see EURUSD price action during the last week. First negative news and EURUSD starts falling. Then it rises. When I trade EURUSD, I am able to find find trades with tight stop loss. Most of the time the stop loss can be less than 10 pips. Just make sure that you don't have a very high take profit target. 40-50 pips profit target is okay for most of the days. Sometimes the pair will move big time. But you cannot predict those days. Most of the time you just have a vague idea. Take a look at EURUSD daily chart below:
Now you can see in the above EURUSD daily chart, EURUSD has been ranging for many days on the daily chart. This is precisely what I had said above. Most of the time, EURUSD will be ranging. EURUSD moves big time when there is a press conference by ECB. European Central Bank has a tight control over EURO. EURO is now roughly 19 years old. It has faced many challenges and come out safe and sound. But still there are some structural problems that can make this currency experiment a failure. More on that in a future post.