Hello, traders. As predicted, the EURUSD is facing bullish momentum, and our short-term target is almost achieved.
Recently, EURUSD has formed a double bottom on the H4 chart and the latest candle seems to have broken the neckline at 1.1572 to the upside. This further indicates that bullish momentum is high. However because stochastic seems to be in the overbought region.
To enter this trade, we need to wait for the the price to retest the neckline and the stochastic to leave the overbought region. If price does reach the neckline and stalls or reverse, then a long position can be opened. Alternatively, traders can open a buy limit order at 1,15752, set the TP at 1.16334 and the SL at 1.15483. This is a good trade setup, giving a risk to reward ratio of 1:2.
Trade closed: target reached
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Our take profit has been hit at 1.6334 with a sweet profit of 75 pips. Another EURUSD has been opened, you can check my next analysis i uploaded yesterday