BombayBulls
Long

EURUSD - Pressure is Building Up to Break 1.1400

FX:EURUSD   Euro / U.S. Dollar
32 0 0
Consecutive higher lows and inability to break to the downside has left only option in the cards, which is to go up. Very much depends upon how the trading day unfolds today but we would definitely like to play EURUSD             from the long side. Obvious entry points are at 1.1350 and 1.1320 support area . There is also a possibility that it never comes down below 1.1375 and start moving higher. In that case we will observe the price action closely around today's CPI             release to get the cue and may act preemptively to scale the position. Because the way market is short this pair, whiff of euro             getting higher will smoke many stops above 1.1400 and the move above might be swift in our opinion.
Comment: As mentioned in the trade idea, we might need to preemptively get long this pair if it breaks 1.1400, we got long @1.1410 and now booking profit for 2/3 of the position here @1.1481 and bringing the stop for the rest @1.1425.
We will continuously monitor the price action to add to our position near 1.1450
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