Prabhu.Ram
Long

Wedge pattern against current trend

FX:EURUSD   Euro / U.S. Dollar
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Hello traders!
Its a new week and with the market not reacting bearish to the ecb on thursday, new possibilities have arisen with the pair.
There is a bullish wedge pattern which could probably be in play now. Confirmation for this, however will only be when the pair closes above the upper border of the wedge . If it so happens, we could count on a long position to reach a target around 1.2830. This is against the current trend and good risk management should be in place.
As always, there are two entries possible.
Aggressive entry would be to enter long at the current price, place stop loss below todays lows, around 1.2225 and move the S/L dynamically with the price. T/P would be first at the upper border of the wedge and then the wedge target at 1.2830 area.
Conservative entry would be to wait for the pair to close above the wedge around 1.2400 area with S/L below the center of the wedge and T/P at the target at 1.2830 area.
I hope this is helpful!
Happy trading and happy pipping!

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