Confluence Area for buy setup

FX:EURUSD   Euro / U.S. Dollar
The USD is in a clear downtrend, and buying dips in the EURUSD is the preferred trade.

Nice confluence zone here with the 61.8% Fib as well as the rising channel . An upside break of the smaller down channel displayed on the chart would confirm that the down move has completed and we continue higher.

Targets for this setup are at 1.15. Stops below Daily support at 1.1105 offering a 1:5 Risk to reward from this area.


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