EURUSD - Trade with caution - Time to buy draws near
There are a few things happening here.
Firstly notice the head and shoulders structure. The breakout from neckline should take us down a total of 550 pips or so to complete the measured move.
That means there could potentially be another 200 pips to the downside.
Bullish pattern - Descending wedge
It is my personal opinion to go long at 1.14450 with a 50 pip stop. Chances are we get a reprieve from shorts and at least a good 100 pips or more there for a retracement.
We may either break out of the bullish descending wedge and go straight to 1.18, or we will drop to 1.125 to finish the measured move on the larger H/S pattern and then run up to 1.18 to complete the bullish pattern measured move.
TLDR there are hundreds of pips up for grabs. The time to start averaging into a position draws near. Always use proper risk management.
The content in this post is only expressing my views and is in no way financial advice. As always, do your own due diligence.
Long EurUSD 1.1445
SL 1.1395
TP1 1.1545
tp2 1.1615
tp3 1.1715
Firstly notice the head and shoulders structure. The breakout from neckline should take us down a total of 550 pips or so to complete the measured move.
That means there could potentially be another 200 pips to the downside.
Bullish pattern - Descending wedge
It is my personal opinion to go long at 1.14450 with a 50 pip stop. Chances are we get a reprieve from shorts and at least a good 100 pips or more there for a retracement.
We may either break out of the bullish descending wedge and go straight to 1.18, or we will drop to 1.125 to finish the measured move on the larger H/S pattern and then run up to 1.18 to complete the bullish pattern measured move.
TLDR there are hundreds of pips up for grabs. The time to start averaging into a position draws near. Always use proper risk management.
The content in this post is only expressing my views and is in no way financial advice. As always, do your own due diligence.
Long EurUSD 1.1445
SL 1.1395
TP1 1.1545
tp2 1.1615
tp3 1.1715