Now comes a classical reversal pattern:
1) EURUSD has respected 1.17 a number of times this year.
2) The price of the day chart has shown great price action when EURUSD approached 1.17 2 days ago - now is the retest for those who did not enter the longs to come in. DONT MISS IT!!!
The target is the upper of EUR trend-line - at least 300 pips.
It has already taken support once on 1.17000 to be precise Rsi showing divergence with price
Buying above 1.17140 It could retrace upto fib 0.6(not in parabolic move but with some small pullbacks)Could get 1:3 (RR)
this trade got activated before I decided to cancel :D However after thinking of the possibility, I think it may well worth the risk
The Risk - it broke previous bottom line around 1.1706 and decided to move lower
Possibility - it is still within the reach for a bounce, and the mighty Asian market may drive it considering it had already had a tough day dripping blood.
SL: hard to decide , can be just a few pips below the today's low, but I set it at 1.1681 to allow a few more stops at previous lows
TP: Fib based, don't expect it to go high, but market is full of possibility...
RISKY. Better to look at GBPUSD pull back which has higher chance
1) EURUSD has respected 1.17 a number of times this year.
2) The price of the day chart has shown great price action when EURUSD approached 1.17 2 days ago - now is the retest for those who did not enter the longs to come in. DONT MISS IT!!!
The target is the upper of EUR trend-line - at least 300 pips.
It has already taken support once on 1.17000 to be precise Rsi showing divergence with price
Buying above 1.17140 It could retrace upto fib 0.6(not in parabolic move but with some small pullbacks)Could get 1:3 (RR)
this trade got activated before I decided to cancel :D However after thinking of the possibility, I think it may well worth the risk
The Risk - it broke previous bottom line around 1.1706 and decided to move lower
Possibility - it is still within the reach for a bounce, and the mighty Asian market may drive it considering it had already had a tough day dripping blood.
SL: hard to decide , can be just a few pips below the today's low, but I set it at 1.1681 to allow a few more stops at previous lows
TP: Fib based, don't expect it to go high, but market is full of possibility...
RISKY. Better to look at GBPUSD pull back which has higher chance