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EUR/USD possible trend reversal trade setup on Election Day?
In the H4 timeframe, EUR/USD broke below the support at 1.1780 on 28 Oct 2020. Despite the steep down trend, shortening of the thrust to the downside was observed and the price is reacting at the support level at 1.1620. This could suggest the momentum to the downside is exhausted and the down trend can be at least halted for now.
Watch out for a test of the swing low near the support zone at 1.1620 for possible false breakout with trend reversal setup. Volatility is expected to spike during the election day and this could well be the catalyst for the pivot point. Watch the video below (timestamp starts 3:28) to find out how you can trade the false breakout with trend reversal setup while profiting from the trapped traders below:
Below are the key parameters for EUR/USD potential long setup for trading session on 3 Nov 2020. Pay attention to the logic behind the false breakout and why it is easier to profit from different groups of the trapped traders.
