EURUSD is presenting a nice opportunity to take a long position soon (patience pays). On a daily timeframe, we should wait for the right shoulder to form in the yellow zone marked on the chart, to give us an inverse head and shoulders pattern (see snapshot below). This zone lines up with a strong supportive trendline, giving more confirmation for a long position. A long position should only be opened in this zone (1.12300) if price action turns bullish around here and does not break the supportive trendline.
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Best of luck traders!
Be sure to follow me for more ideas and analyses. Please leave a comment with your thoughts below.
Best of luck traders!