I also as usual give you two possible trades for short and long scenario but i believe the long scenario for this trade.
Since the EUR/USD daily Forex chart has been in a trading range for 4 months, there is both a buy and sell setup. The bulls have a , which is a pullback from the rally that began on March 1. The bears have a top.
The EUR/USD daily Forex chart has been in a trading range for 4 months. Therefore, every attempt to break out is likely to reverse. Furthermore, there is always both a reasonable buy and sell setup. But, since trading ranges resist breaking out, most of these patterns fail. This trading range lasted about as long as prior ranges over the past 3 years. Therefore, the odds of a breakout over the next month are higher.
Yet, until there is a breakout, there is no breakout. Traders need to see consecutive strong trend bars breaking out of the range to believe the breakout will succeed. The bears need at least 2 closes at least 50 pips below the 1.2150 March 1 bottom of the range before traders will believe that there will be a 300 measured move down.
Consequently, traders will keep looking for reversals. Since the is now near the bottom of the range, bulls want to buy. But, the selloff has had 3 strong bear bars. Therefore, the bulls will want at least a micro .
1.We can see that is below 50 neutral level after the strong sell off.
2.Buying is quite big indicating that we are in a level that bulls as before are showing buying interest at this price.
3.We can also notice as we stated in our previous articles on EURUSD pair that price bounced up again from the 61.8% golden Fibonacci ratio if we measure the strong upward rally which brought us our currently highs meaning the 1.25 area.
3.Price respected once more the ascending .
4. showing the behaviour of the price he had recently.
5.We can spot the for the bulls and the pattern for the bears.
ENTRY AT 1.2230
STOP LOSS AT 1.2160
TARGET 1 AT 1.2360
TARGET 2 AT 1.2520
ENTRY AT 1.2180
BUY STOP AT 1.2230
TARGET 1 AT 1.2080
TARGET 2 AT 1.1950
THANK YOU FOR SUPPORT!KEEP FOLLOWING FOR MORE PROFITS!
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