EURUSD breakout + retest of a support level
USD started the trading week in a strong way and it is driving EURUSD down.
We have a breakout of an important level of support, then a reaction by buyers, a re-test of the same level and now a good reaction by sellers.
The setup of the moving averages is turning bearish, while it is already bearish on the H1:
On the H1, you can also appreciate how the support we are studying goes back in time, proving to be an important level for the past 4 weeks.
Risk to reward ratio is better than 1:3, so definitely a trade that is worth considering.
We have a breakout of an important level of support, then a reaction by buyers, a re-test of the same level and now a good reaction by sellers.
The setup of the moving averages is turning bearish, while it is already bearish on the H1:
On the H1, you can also appreciate how the support we are studying goes back in time, proving to be an important level for the past 4 weeks.
Risk to reward ratio is better than 1:3, so definitely a trade that is worth considering.
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