BUY Euro/U.S. Dollar -- Perspective from the MACRO TREND
Good morning/evening traders,
Euro/USD is showing a lucrative trading opportunity now from macro. Let's forget the small patterns or moves of indicators in short periods and just zoom out. This trading pair has been oscillating in a giant channel for almost 5 decades and forming HH and HL. And now, she finally touched the lower bound of the channel and was forming a potential double bottom. If we assume the macro trend is still effective, it's time to get in.
I've proposed a stop/loss level and potential long target on the monthly chart. If the price falls below the channel, then the long-term trend could be invalidated and the trade should be reevaluated (I think it's not likely). The long target is set to test the legacy resistance level dating back to 1973.
Please like, comment and follow me if you think this idea is interesting. Enjoy!
HakoneDream
Euro/USD is showing a lucrative trading opportunity now from macro. Let's forget the small patterns or moves of indicators in short periods and just zoom out. This trading pair has been oscillating in a giant channel for almost 5 decades and forming HH and HL. And now, she finally touched the lower bound of the channel and was forming a potential double bottom. If we assume the macro trend is still effective, it's time to get in.
I've proposed a stop/loss level and potential long target on the monthly chart. If the price falls below the channel, then the long-term trend could be invalidated and the trade should be reevaluated (I think it's not likely). The long target is set to test the legacy resistance level dating back to 1973.
Please like, comment and follow me if you think this idea is interesting. Enjoy!
HakoneDream