This EURUSD pair has been putting in a series of Higher Highs and Higher Lows, indicating that the trend on the hourly time frame is in an upward direction. This is also confirmed by drawing the trend line. Furthermore, price bounce off a previous resistance level which should now become support.
The pair is moving quite harmonically recently, breaking the previous highs after retracing till around the 61.8 retracement. Currenlty we are sitting at such a retracement and on the trend line, providing us an excellent opportunity to go long. If the pair continues it's behaviour, we could again create new highs around the 127.2 Fibonacci extension which would also complete a nice AB=CD pattern. (Which is not a reason for the trade, rather a reason to put a 3rd target at that level)
I put the stop loss nice and tight under the entry so that if the direction fails to confirm, we get out of the trade quickly. Stops will be moved to the entry level once TP1 is reached, and moved up the subsequent TP levels once the next one is reached.
If you like this setup, please do not forget to click the thumbs up button, and if you want to keep up to date you can follow me.
Trade closed: stop reached
⋅
You win some, you lose some. Up to the next opportunity.
Thanks for your visit, your comment and your like ! Let's see how the market will move. :)
NunoMenano
⋅
oops...didn't happen
romeo2858
⋅
Good set up, I'll consider it as my alternate move this week, but not my main plan. Sorry Dude, will against yours this time.
This correction is ain't over yet. Expect to keep selling till 1.100s level, then the big bull will show up again.
Anyway, good thinking tho. Cheers.