EURUSD price action might sketch a rectangle 18-22May2020 Long

Euro Fx/U.S. DollarFXCM

Description

⋅ May 16, 2020 9:41 AM

Though we are still in the weekly downtrend channel, the price could move in euro's favor now that it tries to bounce off from a rather strong support area. The chart clearly outlines our resistance lines due to lessening volatility in the market and feels somewhat predictable. Trading will most likely be influenced by MA lines (50/100) and harmonic patterns on lower TFs (15m/1h).

Entry for longs: 1.0800 - 1.0840
TP1: 1.0850
TP2: 1.0890
TP3: 1.0985
SL: 1.0772

Comment

⋅ May 17, 2020 8:03 AM

Please support me with your thumbs up and comments.

Trade active

⋅ May 18, 2020 3:59 PM

TP1 and TP2 achieved. :)

Trade active

⋅ May 19, 2020 2:37 PM

TP3 was almost hit today (16 pips away). There is a shooting star on the 4h chart, and some might have switched sides.

Trade active

⋅ May 20, 2020 10:16 AM

We witnessed a close retest of yesterday's high.

Trade closed: target reached

⋅ May 20, 2020 2:31 PM

TP3 was reached today.

Comments

transparent-fx

⋅ May 16, 2020 1:28 PM

this is what I want to see on eurusd

RCtrader2

⋅ May 16, 2020 1:30 PM

@transparent-fx, Yes, I watched the video and liked it very much. I'd rather have it go upwards.

mike_fx

⋅ May 16, 2020 10:04 AM

Great . you have been out for long.. glad you are back.

I had the same idea but only up to TP1.

Thanks for sharing

RCtrader2

⋅ May 16, 2020 10:16 AM

@mike_fx, Thanks Mike. The market was too volatile and unpredictable for my taste. I am glad to be back.