Out of the few most prominent currencies in the world, the Euro is the most profitable currency out there. Trading Euro has always been profitable but especially this year, Euro trading has reached new heights. The largest trading volume in the world is of US Dollar and Euro currency pairs, making it the world’s most traded currency pair. 

Traders of the euro (EUR) make bets about how strong the Eurozone’s economy is in comparison to its important partners. The most liquid forex pair in the world is the one between the euro (EUR) and the U.S. dollar (USD). Tight spreads and wide price movement enable a steady stream of winning possibilities. 

Although there are numerous ways to trade the EUR/USD pair, three straightforward tactics have consistently produced positive results. All forex traders can carry out these. While more seasoned players might expand their positions to fully capitalize on the opportunities, newer participants can shrink their positions to reduce risk. If you know the trading world up close you know that good trading techniques and tools can be the game changer for your trading experience. Trading tools like Bitcoin profit can help you maneuver your way through the trading world easily especially if you are a newbie and the three important strategies mentioned below can help you take your trading game to a whole new level. 

1. Purchase The Breakouts and Sell The Breakdown

The EUR/USD pair frequently oscillates within narrow ranges for extended periods, creating clear trading patterns that will eventually produce new trends, either higher or lower. When support or resistance ultimately breaks, ushering in a powerful rally or selloff, patience throughout these consolidation phases frequently pays off with low-risk trading entries.

You need to time everything correctly to make full use of the straightforward tactic. If you enter too soon, the range can hold and cause a reversal. If you enter too late, you run the danger of either performing much above or well below new support or resistance. To minimize the time risk, traders can open up a particle position when the pair moves up or down and add it on to the first slight retracement. 

2. Purchase The Pullback or Sell The Pullback

The EUR/USD trend pushes in both directions and moves the price up and down in a positive feedback loop that can build up a lot of momentum. However, this quick movement is slowed down because of supply and demand equation shifting, fooling the latecomers in positions that will result in losses when the currency pair moves in the opposite direction.

The pullback strategy benefits from this reversal of trend. Finding major levels of support or resistance that can halt a price swing and restore the initial trend direction is required.

These levels frequently occur around previous highs or lows as well as at critical support and resistance levels determined by Fibonacci retracements, moving averages, and the point at which the initial surge began.

3. Use Limited Range Patterns

The EUR/USD will frequently climb or fall into a big barrier before sleeping, generating price bars with a restricted range that reduce volatility and increase apathy levels.

This serene interface frequently serves as a strong entry signal for a breakout or breakdown, which is not unusual. This strategy involves taking a position within the narrow range pattern and setting a tight stop in the event of a substantial turn around.

This configuration frequently generates an NR7 bar, which stands for the last seven bars’ narrowest range pricing bar. This potent yet straightforward pattern was first noticed in the U.S. futures markets in the 1950s and foretells the expansion of price bars in a significant breakout or breakdown.

Summing It Up!

As previously mentioned, even inexperienced and seasoned euro traders can use the three straightforward yet powerful techniques that profit from recurring price movement. With bitcoin profit, which tracks the forex pair in real-time, equity traders can also use similar strategies. If you have the expertise to manage the added risk, you can trade inverse and leveraged ETFs as well.

Double long side exposure is available through ProShares Ultra Euro (ULE).Greater liquidity and equal leverage are available to short sellers through ProShares UltraShort Euro (EUO). 90,482.6 was the average transaction volume.