EURUSD Forecast - location - setup Chart ready for next week scenario and analysis:
1- Look at price action 2- If price breaks support 1 then the target is support 2 3- At support (1 or 2) price could bounce to resistance area 4- Out of resistance area, if price breaks through and close above (PBT&CA), BUY 5- At support level 2, if price breaks through and close below (PBT&CB), SELL
Trade active
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Price failed to close in resistance area 4 times so I entered as follows: 1- One position short at market with SL at 1.17150 (yesterday high) 2- Sell limit at resistance level 1.17050 with SL at 1.17150 (yesterday high)
Stop loss is very tight so if analysis is wrong or a news move price above resistance area the losses are very low.