Hello traders. On this 4H analysis of EURUSD, we have an ascending channel setup. Price has just recently tested the 1.07200 support region in the channel, providing us with a good entry point. A SL should be placed at an appropriately distance below the 1.07200 support level in the event price breaks out of the channel and enters into a waterfall. A good place where price may go next would be to the resistance level in the 1.10000 region.
Trade closed manually:
Price has broken out of the channel to the downside. SL would have not yet been activated but there is a good possibility that price may go lower and eventually hit the SL.
The safest thing to do would be to manually close the trade now or wait for a BE (breakeven) in the 1.07200 support region should price retests that level before hitting the SL.
The safest thing to do would be to manually close the trade now or wait for a BE (breakeven) in the 1.07200 support region should price retests that level before hitting the SL.
Comment:
Price now at BE point
