On the EUR.USD 4hr chart we have a potential long opportunity's at the D leg completion of bullish Cypher setup.
The price reversal zone on this pair is between 1.0534 & 1.0453
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets back into 1.0750
Stop loss would be placed below X leg structure support .
Target 1 - 1.0647
Target 2 - 1.0716
The price reversal zone on this pair is between 1.0534 & 1.0453
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets back into 1.0750
Stop loss would be placed below X leg structure support .
Target 1 - 1.0647
Target 2 - 1.0716
Comment:
Please note the 1.055 level just above the D leg completion, depending on your RR you could have your orders set just above to take this level into consideration if it meets your rules to do so.
Comment:
Price now closed below the 1.0600 psychological level.
Comment:
There is a potential short opportunity on the 1hr TF prior to retesting the 1.055 lows if we get a consolidation period that meets the rules.
Comment:
Price approaching 1.055 / D leg completion.
Comment:
Price closing just above the 1.055 level, a consolidation period is now expected before a last push lower.
Comment:
D leg completion, long opportunity.
Trade active
Comment:
If you entered the market at 1.0534 your target 1 should now be attained.