holladaygolf
Long

EUR/USD Cypher with caution

FX:EURUSD   Euro Fx/U.S. Dollar
61 0 1
EUR/USD             is setting up a cypher pattern at 1.1039. I would be very cautious with this one, should price action come down to complete the cypher there is a major resistance area @ 1.1136. In most cases, I would take profits at the .382 retracement of the CD leg which comes in @ 1.1164, but with such a major resistance level coming in before first targets I will be looking for a more conservative entry such as a double bottom or a pattern on a lower time frame to get a tighter stop and a better Risk/Reward profile.
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