The question is always: where will a possible reversal likely start...? Or where will this USD rally stop...?
I've identified 2 possible long entry levels, here they are:
Just above the 1.5000 round level because:
- psych level in a previous structure S/R zone (blue )
- close to completion of a possible
- L-H-LL-HH >>> Quasimodo support at previous low level?
Targets as in the chart.
Entry could be lower but then the risk of not getting in is bigger, everyone should make up their own choice based on their own analysis to choose the best entry for their trading style!
SL below 1.4900
In case USD will continue to rally (and rallies often last longer than expected...) and my SL is hit on the first trade:
Long at completion of a possible . Targets as in the chart.
SL below the lowest low and major S/R zone (red )
The fact that we just broke a might send this pair up to test that (like on practically all previous occasions, look left on the chart!). I might enter a long now based on the fact that we saw some rejection of that blue S/R zone earlier today.