CanineCapital

EURUSD buy setup

Long
OANDA:EURUSD   Euro / U.S. Dollar
Not expecting a huge move up on EU but this will provide required RR before I eventually expect EU to continue lower.

Comments

I agree. Great analysis.
Zooming out to weekly and daily chart shows we caught fibre at the low of a weekly and daily range. should we hold on or not? I think if we can make it up to 1.1850 with minimal retracements could see us going up to 1.2090.
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There is a hidden gap which could be filled in this move which would take us all the way up to 1.21. Need to watch if the high holds at 1.1850. If that gets taken then I will be waiting for retracement to buy to 1.21.
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On Monday we will likely see some retracement of the large EU daily candle, then the probabilities are very high that it will continue higher. You could scalp it long with a stop below 1.172. We are going higher for sure to test 1.186, then we watch what it does. More sellers at 1.194 and then finally the big boys at > 1.21. We just watch each level, wait and see how strong the sellers are. If we get engulfs without penetrating too deep in the level, we can assume they're serious. 2 bear engulfs with the 2nd failing to make a higher high will be signal that they want to move down a little. But i will be suprised if we head straight down without filling any of that huge vacuum between 1.20 and 1.21.
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