informedtrades
Long

Hammer Off Support on EURUSD

FX:EURUSD   Euro Fx/U.S. Dollar
Hammer off support is my favorite technical pattern, and one that always piques my interest. And so, I was pleased to see it form on the EURUSD             daily chart . EURUSD             is clearly in an uptrend, is now between the 50% and 61.8% Fibonacci retracement levels from a major swing low to swing high point, and is forming a hammer off support. The only cause for hesitation is that price is below the 50 SMA , but given that it is above the 200 EMA and all the other factors present -- most notably the upward slope of the chart -- I'm comfortable going long here. There are also signs of bullishness for EUR against CAD and AUD, which further affirmed my interest in going long EURUSD             .

I'm long at 3701, with my stop at 3615 and my target profit at 3961. So I'm risking 86 pips to gain 256 -- giving me a reward/risk of almost exactly 3:1.

If price can go in my favor and close at or above resistance at 3815, I'll move my entry order to breakeven.
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