EURUSD - Bulls back in the game - Good Risk/Reward !

Bullish continuation!

Daily high confirmed at 1.1470. Wave 1.
Wave 2 now in progress, should not take more than 3-4 days to complete.
Ideally, price would touch the 0.618Fib Retracement and turn around.
1.1300 might act as support.
Target will depend on how deep price retraces.

Once wave 2 is complete, Bulls should have it their way.

Trade Setup :
* Entry : around 0.618 Retracement.
* Stop : last low @ 1.1214
* Target : to be determined around 1.15

Comment:

One more push lower and we can start buying

Comment:

You can start buying now if you like, or wait a bit more for price to fall lower if you have a pending order. But you might then miss out on a good opportunity !

This are the sort of trades where your discipline is tested.
Stay strong and stick to your plan, wait for price to come to your ideal entry point don't chase it !

Trade active:

Entry @ 1.1310
Stop @ 1.1214

Price now at the ideal reversal zone between 61.8% & 76.8% Retracement.
Any move below 1.1214 negates this count.

Comment:

Price tested the 0.786 retracement level also before rebounding.
Second entry was opened @1.1270
Stop moved from 1.1214 to 1..1267 (3pips away from break-even)

The G20 and the truce between US & China gave some nice weakness to USD, gaping on nearly all pairs on the market opening, including EUR/USD.
The gap was filled this morning and now price going higher

Trade closed manually:

Position closed at 1.1373.

I think we will get a new low before rallying to the upside.