Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
EURUSD is overall bearish trading inside our blue channel, however, it is approaching a strong demand area and round number 1.00
Moreover, the lower two trendlines (blue and orange) act as non-horizontal support.
Thus, the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the green demand and lower trendlines.
As per my trading style: As EURUSD approaches the purple circle, I will be looking for reversal bullish setups (like a double bottom pattern, trendline break , and so on...)
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly! ~Rich
@SaeedSwattel, hello Saeed, not yet. waiting for a bullish reversal setup to form and get activated on lower timeframes first
odellforextrading
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Question for you: what about upcoming announcements from Fed, oil/trade balance/interest rate hikes, etc.? As badly as I want to take the LONG position here, being at a technically valid key level for support, I also feel like USD strength will continue for some time, and if nothing else, EUR weakness will persist. Their YoY numbers are worse than expected, they are being so negatively impacted by gas and oil...does that not play into your perspective for potential continuing EU drop? Just curious. Because on technical aspect, I agree with you, but fundamentally and economically speaking, EUR should continue lower, below parity. Cheers. Look forward to your response/insight.
Moorwood88
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If you know what to look for then the buy set up has been visible for at least a decade now. I think total risk/reward ratio on this long term trade is like 500pips for 1500pips reward. A couple months or years from now new traders will be studying this trade in trading 101.