EURUSD Bullish Setup on retrace

FX:EURUSD   Euro / U.S. Dollar
EURUSD appears to be trending up, which is confirmed by a strong Average Directional Index ( ADX ) of above 40, with little between the current price and next serious resistance at 1.2
As with my previous trade ideas, I remain bearish the dollar, so see little reason to doubt a continuation above current levels.
As an entry point, I will wait for price to retrace beyond the average drop (71.5 points) from the period beginning June 26th of this year, the apparent starting point for the current uptrend. This gives us a long entry point of 1.18, conveniently a round number and likely level of strong support. My SL will be placed beyond the reach of the greatest retrace experienced over this sample period at 1.748, a drop of 120 pips from the most recent high.
Average retrace time is between 1 & 2 days, so should we experience a period of longer consolidation (2.5 days or more) this would be grounds for a reconsideration of the trade

Long entry @ 1.18
StopLoss @ 1.1748
TakeProfit @ 1.2

Best of luck
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Help Center Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out