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EURUSD - A Long Opportunity Approaches - Descending Wedge Daily

FX:EURUSD   Euro Fx/U.S. Dollar
Greetings Fellow Traders,

If you've been following me for some time you know that my view on the EURUSD             has remained bearish since we formed and broke the Super Trend Triangle. As we approach the weekly open for the last week of November and first week of December we have some interesting price action that is giving us a very strong reason to actually go LONG or BUY the EURUSD             pair.

EURUSD             Daily chart has formed a descending wedge with price action, this is a pattern that typically breaks out in a bullish direction to it's first or second peak that started the wedge . What makes this even more interesting is the fact that the EURUSD             has chosen to form this pattern as it approaches the 2015 yearly low support zone between 1.0460 and 1.0520.

Trading Opportunity:
Buy Limit 1.05400 or Manual Entry (see additional details section below)
Stop Loss 1.04500
Take Profit 1: 1.0720
Take Profit 2: 1.0820


Here's a quick look at the weekly chart:
snapshot

Additional Details-
  • Daily Candle closes are very important, it is perfectly acceptable for EURUSD             to drop below the support on a given candle, but close back inside the wedge .
  • No one knows exactly where price will stop EXACTLY but there will be plenty of buyer's near the yearly lows, expect choppy/spiky price action until we have a confirmed direction.
  • If we never touch the lower support but confirm a break on the daily resistance...this will give the same trade but we'll look for an entry on a retest. (I'll try to post an update should this be the case)
  • This trade is not a full reversal to EURUSD             at the moment for me, I see this more as a retracement opportunity. If we approach it, 1.0300 area will offer a much better longer term buy entry.

Please do your own analysis before entering a trade. If you like what you see here or have questions, feel free to comment, follow or "like"
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