justatrader

EURUSD - Seems like an inverted Head and Shoulders

Long
FX:EURUSD   Euro / U.S. Dollar
5
Right shoulder yet to form, but so far looks to be supported by the broken falling trend line and strong support level just close to the left shoulder.

Option 1 is to long from 1.238 but at the risk of price spikes.
Option 2 is to long from a break out of the price channel near 1.25

Target 1.275.

EDIT: This is the line chart, therefore we are specifically looking at a close (not high or low) at or around 1.238 levels on the H4 time frame. So its not as simple as just putting in a pending order and hoping the TP will be hit. Hope this clarifies.