FX00081 - EURUSD - break of resistance - 4h pinbar

EURUSD has now broken through resistance at 1.143. Momentum looks strong enough to keep pushing higher, possibly to 1.1700 but I have a feeling that some traders may take profits before then so I'm going to set a TP1 at 1.1600.

SL is tucked below the pin bar, 8EMA and previous support level at 1.1430.

I've used the 4hr chart for entry....

Trade closed: target reached:

Read this one beautifully. Sellers did indeed come in around 1.1600 pushing price lower and creating a bearish pinbar.

My target was 1.1600 so I banked a nice 2R profit.