Following a downtrend on the EURUSD, price has been ranging since January 2015 and formed a triple bottom, which has been validated by the recent break of the neckline. Ideal entry would have been at the close of the weekly candle above the neckline, however, with our long term goal of 1.214 we may still have the opportunity to jump in on this long trade.
I believe fundamentals are in our favour of this position and multiple indicators show room for a good leg up on the monthly timeframe. I will be monitoring this pair on multiple time frames.
This research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.
Please comment below and Like if you agree with my analysis.
Trade active
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Closed one position with 110 pip profit banked. Moved second position to break even, however, we may have a bearish week next week in which case I will close my second position on Sunday / Monday and look for a lower position.
Trade closed: stop reached
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Stop hit at break even on my second position. Banked a total of 110 pips on this.
Trade active
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Back in at 1.175x let's see how this goes. My sentiment is still to buy on the long timeframes.
Comment
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Closed one position with 230 pip profit banked. Now trailing second position.
Trade closed: stop reached
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Second position did stop out at 300 pips. *Late update*