EURUSD long position when support is found at key levels
After a nice 'counter short' at the 1.2400 resistance on the 4hr time frame my main focus is to long this to keep in trend and also stay in this weekly channel.
Zoom out to seen important areas and the channel easier. Stop will be around 25-35 pips and TP zones will be starting at the 1.2400 area where I will start exiting my position.
Look for price to slow down at the key area of 1.2300/1.2320 where the 200EMA is and then watch for MACD divergence and take those pips!
As always I will be looking at the fundamental drivers too.
Safe trading
Zoom out to seen important areas and the channel easier. Stop will be around 25-35 pips and TP zones will be starting at the 1.2400 area where I will start exiting my position.
Look for price to slow down at the key area of 1.2300/1.2320 where the 200EMA is and then watch for MACD divergence and take those pips!
As always I will be looking at the fundamental drivers too.
Safe trading
Comment:
Continued USD strength and crucially on the 4hr timeframe price didn't slow down crashing through the 1.2300 support area. I will now wait until the ECB conference on Thursday this week (26/04/2018) to see what further action can push this pair.