Hello Traders, welcome to the Daily Forex technical analysis
. Today is August 6th
, 2019 and we will be taking a look at the Euro
against the U.S Dollar. Looking at the 1 hour time frame, price action is currently coming off a bullish
run towards the 1.119 support and resistance
area. We are looking for a healthy pullback to retest its previous area of support at the 1.111 region. If price action can hold this area and regain some bullish
momentum, we will be looking for an opportunity for an entry long. Entry for a Long position near the 1.11404 area, with a Stop Loss near the 1.11130 region, and a target level area of 1.12092 to possibly ensure profitable trade conditions with a 2.51 to 1 R/R. Thank you for tuning in please feel free to write a comment or leave some feedback, any advice is greatly appreciated. Have great day and good hunting out there traders!