As of 22/04/2020, EURUSD is currently trending down. EU is currently facing a greater selling pressure, with a steeper downward resistance line compared to a shallower upwards support line.
As EU is in a downward channel (Seen from weekly perspective), there is two ways price can play out from now. As price has been squeezing for the last few days, EU is waiting to make a big move.
Long Entry: 1.09050
SL: 1.08400
TP1: 1.09850
TP2: 1.10300
Short Entry: 1.08300
SL: 1.09000
TP1: 1.08100
TP2: 1.06900
If price reaches the top of the channel:
Short Entry: 1.09970
Far SL: 1.12500
Tight SL: 1.11550
TP1: 1.08800
TP2: 1.08150
TP3: 1.06940
Far SL as institutions may manipulate the market to absorb all retail trader's stoploss, as such, a further stop loss may help avoid the stop loss hunt. If not, set a tighter SL, followed by a re entry at the top. However if it becomes a real upwards breakout, it will definitely retest the channel to form a support level.
My bias is bearish.
Any questions or comments, please do comment below or ask me on telegram @ ryxn0. All suggestions will be welcomed.
As EU is in a downward channel (Seen from weekly perspective), there is two ways price can play out from now. As price has been squeezing for the last few days, EU is waiting to make a big move.
Long Entry: 1.09050
SL: 1.08400
TP1: 1.09850
TP2: 1.10300
Short Entry: 1.08300
SL: 1.09000
TP1: 1.08100
TP2: 1.06900
If price reaches the top of the channel:
Short Entry: 1.09970
Far SL: 1.12500
Tight SL: 1.11550
TP1: 1.08800
TP2: 1.08150
TP3: 1.06940
Far SL as institutions may manipulate the market to absorb all retail trader's stoploss, as such, a further stop loss may help avoid the stop loss hunt. If not, set a tighter SL, followed by a re entry at the top. However if it becomes a real upwards breakout, it will definitely retest the channel to form a support level.
My bias is bearish.
Any questions or comments, please do comment below or ask me on telegram @ ryxn0. All suggestions will be welcomed.