Urbandj

Potential Opportunities on the EURUSD looking Forward

FX:EURUSD   Euro / U.S. Dollar
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2
Hi all,

This is what's currently on my radar for this pair. We came up close to the 78.6 level at which there is a bearish cypher pattern however the market has started to back away from this level. Personally, if we see this pair strengthen again, I'll be looking to enter a sell position closer to the potential bearish bat as this would fulfill my SL conditions. Otherwise I'll be waiting again on the sidelines :)

On the long side, a potential bullish cypher formation forming if the market decides to push lower. Again, depending on whether my SL conditions are met will depend on whether I can take the trade at the 78.6 fib level or have to wait for the market to push lower before I can enter.

Less the price action presents opportunities, I'm remaining neutral until then.
Trade active: As price action has finally pushed up to a point where my SL conditions for entering the trade was met. Furthermore, as the initial test of the 78.6 level did not come within 2 pips of what would have been the entry into the Cypher, this is still a valid trade for me to take.

Trade filled at 1.2052, lets see whether this market gives us a push lower to the 38.2 level.

Good Luck in the trade!
Comment: Just a quick update

The market broke the 1.20000 level which could now act as short term resistance to the downside. If that does indeed act as resistance, or the 1.1956 low is broken, then it could be a sign that the market wants to continue lower. Though, as this is the market, nothing is certain!
Trade closed: stop reached: Unfortunately. we did not get that 38.2 retracement. On to the next trade!

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