EURUSD: 1.10000 Support Zone and How to Trade

The price bounced from 1.10000 support zone. It gave us a reversal signal. RSI confirmed the price reversal. MACD lines and histogram support an upward movement. DMI is bearish and confirms trend market conditions. But ADX line falls. It is a signal that sellers are not so strong.

The price broke the local downtrend line. It is another bullish signal confirming the trend reversal. We have a buy opportunity. It is possible to buy waiting for a pullback to the support zone or to use a breakout above the local swing high. It is up to you and your trading style.

Stop-loss orders must be placed below 1.10000 support and the local swing low. Profit targets should be at SMA50, SMA100, and SMA200 as well as at the daily uptrend line.

And what do you think about possible trade opportunities? Are you going to buy or sell? Share your ideas below the post.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.