There is a potential reversal occurring on this timeframe. The S&P500 has re-tested the lows of the range and had a nice bounce, implying risk may be on today.
We have just broken above 15m resistance and the 50EMA and then pulled back into that resistance zone and giving me a valid long setup.
The DXY is really struggling to climb higher, meaning the dollar isn't being heavily bought today and the Euro may strengthen leading up to NFP tonight.
In addition to that context, EUR/JPY has just bounced off a very major Daily support level that has been causing EJ to range for over a month.
Target at 2:1, B/E at 1:1 (blue line).
48% win ratio with this setup.
We have just broken above 15m resistance and the 50EMA and then pulled back into that resistance zone and giving me a valid long setup.
The DXY is really struggling to climb higher, meaning the dollar isn't being heavily bought today and the Euro may strengthen leading up to NFP tonight.
In addition to that context, EUR/JPY has just bounced off a very major Daily support level that has been causing EJ to range for over a month.
Target at 2:1, B/E at 1:1 (blue line).
48% win ratio with this setup.
Trade active:
Stop Loss @ Break even.
Trade closed manually:
Stopped out for break-even.
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