EURUSD - AUG 27 - SHORT TERM SWING, 100 PIP TARGET!
Last week, DXY was strongly affected by the fundamental effect of Trump's remarks and the dovish statement of FOMC. However, this week, we are expecting a move in favor of USD.
Technically, we have multiple indicators that tell us to SELL EURUSD.
1) Price is at an area of resistance. It is currently testing a horizontal resistance area at around 1.1620-40.
2) It has a Class A BEARISH RSI DIVERGENCE, as drawn in the chart in RED ink.
3) DXY is at a strong support area of 95. A bounce off of this level will push USD higher, therefore, sell EURUSD, GBPUSD, and XAUUSD.
The ideal entry point for my setup is around 1.1635-1.1650, with stop loss placed at 1.1680-1.1690.
Wait for a bearish candle stick formation for confirmed entry, or look to sell after the trendline is broken and retested for a more conservative and less risky entry. Take profit levels would be 1.1550, 1.1530, and 1.1490.
Technically, we have multiple indicators that tell us to SELL EURUSD.
1) Price is at an area of resistance. It is currently testing a horizontal resistance area at around 1.1620-40.
2) It has a Class A BEARISH RSI DIVERGENCE, as drawn in the chart in RED ink.
3) DXY is at a strong support area of 95. A bounce off of this level will push USD higher, therefore, sell EURUSD, GBPUSD, and XAUUSD.
The ideal entry point for my setup is around 1.1635-1.1650, with stop loss placed at 1.1680-1.1690.
Wait for a bearish candle stick formation for confirmed entry, or look to sell after the trendline is broken and retested for a more conservative and less risky entry. Take profit levels would be 1.1550, 1.1530, and 1.1490.
Trade active:
order filled at 1.1640
SL placed at 1.1690
TP levels as mentioned above.
SL placed at 1.1690
TP levels as mentioned above.
Comment:
About to hit 30 pips as of writing. Kindly move stop loss to BE once price reaches 40 pips for a risk free trade.
Comment:
EURUSD in 5 min chart:
Broken trendline and retest! Can add another position if the candle fails to break above the broken trendline!
Broken trendline and retest! Can add another position if the candle fails to break above the broken trendline!
Trade closed: stop reached:
Trade closed at breakeven. Hope you guys were able to close it and lose nothing. We'll look for an re-entry.
