Going Long On The EURUSD

FX:EURUSD   Euro / U.S. Dollar
This is a trade that i will be keeping a close eye on, i will be looking for the market to come down to 1.0800-1.0820 before taking a long position. We have a risk to reward ratio of almost 2:1 and we have a 382. retracement falling on a major support structure and usually when we have a 382 retracement the ABCD pattern comes to mind and 1 to 1 harmonic move of this pattern will terminate exactly where the bat pattern completes, that area happens to also be a major resistant level. So in terms of structure, this is as good as it gets.

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Nice Jo!!
Hi JoMarshall, Do you see 1.1100 levels as target price ,once you would enter into long trade at EURUSD ? Wonder what would happen on jan 21st for Eur/usd. By the way I trade with and usually Eur/Inr futures . As our market time is limited I have to trade Intraday and Sometimes I hold onto positions. Usually Eur/inr futures say Jan (2016) mimics Eur/usd.
Yes I think we will see 1.1100 but I don't know when but if we don't break 1.0800 in the next 2 days then we might see 1.1100 a lot sooner than you think.
SSSDEV JoMarshall
That is right JoMarshall, I understand , But then Where would you forecast Euro/Usd say Jan 21st. Draghi always surprises with his less than dovish statements and we could have a fast rally Eur/Usd. By the way 1.0800 breaks now
That's not a question I can answer I'm afraid because I don't trade using fundamentals but whatever happens with Draghi's speech I still expect to EURUSD to continue it's recovery based on structure. So we might get a temporary negative affect after Draghi's speech or it might be the fuel EURUSD needs to speed up the recovery.....nevertheless I'm staying long. Yeah indeed we have broken 1.0800, we'll if the break will be sustained
SSSDEV JoMarshall
Thanks Jo, I appreciate your time and the effort taken to answer my queries. You are long too . I too am long Eur/inr but predictions sometimes mean nothing much , but I see 1.1100 levels coming thru.
I do not agree with you for the way I see euro / dollar will continue falling

+1 Reply
You do not have to agree with me. I trade what I see and structure tells me it will go up and if doesn't then I'll take my loss with a pinch of salt and move on to the next trade. You can't win every single trade. So we'll see what happens
+3 Reply
jhakas JoMarshall
I'm long already, I don't think it will hit that level again...
+1 Reply
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