EURUSD @ a Crossroad

Hi PlutusX Family,


EURUSD is in an interesting area for price action. There are several potential setups and all around a 33% probability. We must watch for breakouts and retests before building a case for either scenario.

FACTS

• 1. 1.15266 is a daily pivot point, a previous support, and 23% fib on the previous leg.
  
• 2. 1.17687 is an 88% fib zone + a major descending resistance trend line.
  
• 3. 1.14639 is a daily pivot point + 123.6% fib from previous (minor) leg.
  
• 4. Stoch RSI is still respecting support and showing bullish sentiment.
  
• 5. Two descending trendlines price is respecting.
  
• 6. 1.13310 is a daily pivot point
  
• 7. Daily candle closed as major a Hammer Candle Stick
  

Potential Trade Setup

• BULLISH: Price break past the immediate descending resistance trend line and breaks past 1.15266 treating it as support with a retest. Target 1.16204.
  
• BEARISH: Price respects the immediate descending resistance trend line and breaks past 1.14639. Target 1.13310
  
• SIDEWAYS: Price will continue in the sideways range between 1.15266 and 1.14639.
  

Happy Trading,
PlutusX Team

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Trade closed manually:

I took profit with 70 pips. I left ~15 on the table. Same as GBPUSD set up, some profit == no profit.