Wow. What an opportunity here on EUR/USD based on technical analysis.
The price has hit this horizontal resistance before. I put the behaviour of that area and overlayed it with the current price (slightly squeezed to make it fit). We can see a very similar pattern, and that's something that we can monetize using technical analysis.
Place your stop loss not under the current support, but under the level 2 support. We don't know if the price will fall further, but the second level of support is much stronger than the first one. This gives us some slack and room for error.
Exit the trade underneath the horizontal resistance for maximum profit compared to risk taken. If you would place it above, you would risk the price not being hit and rejected by the zone.
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- Trading Guru
-------------------------------------------------------------- Disclaimer! This post does not provide financial advice. It is for educational purposes only!
Still a very bearish market currently at the moment, would be trying to call a bottom when there's no need, better to wait as their is only ONE factor telling you to buy at the moment: Strong support (1)
kobs_9
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Same idea as well. Next week looks good!
Trading-Guru
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I will be posting more of these regularly, so follow me to find out about great trading opportunities
Trading-Guru
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How would you have charted this? Feel free to post a link to your own idea here as well
Trading-Guru
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I’m curious to hear your thoughts! Let’s make use of the fantastic tradingview community and give each other feedback.