i've decided to buy the eurusd here. an upward sloping trendline alongwith the touch of a major horizontal resistance that dates back years persuades me to buy. also, it agrees with the general momentum. the long term trend here is upwards and i think this is a good price to buy. the 4h timeframe shows a hammer and morning star formation very close to support. my stop is placed at 3650. i have not yet set a target and i probably wont do so. the eurusd has been making new highs all along. should continue doing the same.
Comments
AgentSmith
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EU consistently false breaks major support and resistance levels. I would argue that your stop area (3600-3650) is a great place to pick up longs..
FaultyKid
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I feel like there is a ton of stop-loss orders 1.6680 that are gonna trigger and pull that price right down,
FaultyKid
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*sitting around 1.6680
Technician
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think u mean 1.3680.
FaultyKid
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My bad! :) that's it.
adityachhabra9999
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yes it seems likely. i have set mine at 3650. a bit under the previous low.
FaultyKid
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Let's see what happens in an hour with these CPI Results! Good luck
adityachhabra9999
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thank you :)
Technician
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I believe that is too late. Medium term bullish trend ended for me.
adityachhabra9999
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yes it does seem to be struggling. but i'm going to hold this for now. i guess the new york session will decide a path for eurusd now.