Strategy Development and Recommendation

Although it is still close to its recent highs, the US Dollar is losing a lot across the FX board as the weekend approaches. The EUR/USD pair closes in the red for the ninth week in a row, and there are no technical signs of an intermediate bottom. The pair has fallen below a bearish 100-week SMA for the first time since May, and the 20-week SMA is heading lower over the longer one, indicating that there is still a lot of selling demand. The momentum indicator rushes below its 100 level as RSI indicator maintains its downward slope at about 40. Technical cues on the daily chart suggest that the bearish trend will continue. Since EUR/USD is currently below all of them, the 20 SMA is falling swiftly south below the longer moving averages. Last, but not least technical indicators remained within negative ranges, but not enough to support a temporary bottom.

Traders should consider their attitude toward risk, the risk/reward ratio, the size of their positions, and the percentage of their account balance for every trade in order to engage in effective forex risk management. To guard against the market moving against their position, place stop losses. Take care not to overuse or use leverage. Therefore, the maximum loss permitted should not exceed 2%, for instance, if your account balance is $5000. Your maximum loss with these parameters is $100 per trade. If you have a 2% loss on each trade, it would only take 50 consecutive errors for your account to be wiped out.

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