EUR/USD is currently in a strong downtrend, and a previous trade idea based on the break of the previous day's low and 4-hour support yielded a 40-pip gain . The analysis now indicates a potential opportunity as the price approaches another critical level.
Now Seems like price is pulling back to 1h resistance at 1.06949.
If the price retests this level with an entry confirmation, a short trade is recommended. There are three potential targets:
The first target is set at 1.06668, which is a 4H support level.
The second target is at 1.06482, representing 1H support level.
The final target is the another 1H support level at 1.06319.
This setup could potentially yield more than 60+ pips. Traders should closely monitor the price for entry confirmations and act accordingly.
if not price can pullback to 1.07317 level.
Please remember to exercise caution and implement appropriate risk management strategies. Trading carries inherent risks, and this idea is not financial advice. Conduct your own research, assess your risk tolerance, and consider seeking guidance from a professional financial advisor as needed.
Now Seems like price is pulling back to 1h resistance at 1.06949.
If the price retests this level with an entry confirmation, a short trade is recommended. There are three potential targets:
The first target is set at 1.06668, which is a 4H support level.
The second target is at 1.06482, representing 1H support level.
The final target is the another 1H support level at 1.06319.
This setup could potentially yield more than 60+ pips. Traders should closely monitor the price for entry confirmations and act accordingly.
if not price can pullback to 1.07317 level.
Please remember to exercise caution and implement appropriate risk management strategies. Trading carries inherent risks, and this idea is not financial advice. Conduct your own research, assess your risk tolerance, and consider seeking guidance from a professional financial advisor as needed.
Trade active:
The trade is currently active, and it's moving in the direction we predicted, looking positive!
Comment:
The trade has successfully reached the first target as predicted, with a profit of 32 pips booked. Now, we are focused on achieving the remaining two targets