Daniel.B
Long

Retracement back to support. Long

FX:EURUSD   Euro / U.S. Dollar
335 3 5
Hey all, well I've noticed some very interesting price action now that the Euro             has retraced to the 1.108 area of support. Which if you look back, was an area where buyers stepped into the market with force to push the euro             higher after the initial break above 1.0980.

Stops will be placed at the red trendline for a rough risk of 40 pips.

First bullish target is for 1:1 R/R ratio. (Also the first level of resistance 1.113

Second bullish target is for a little over 1:3 R/R (Around the 4 HR             chart resistance.

Happy trading all!

Daily Chart:
snapshot

the reason it stop at this point is
61.8% fibs
and 50, 200 moving average
Reply
Looks good mate, good risk to reward. All the BEST from me :)
+1 Reply
Daniel.B moneymaking
Thanks man, I never entered the trade since there was no confirmation at all lol. But still the reasoning behind the idea made sense to me. =)
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