EU producing nice Daily Bearish structure. Near key LH and Bank Level 1.18.
From the high time frame, we are in a Descending Channel and most likely near a wider reversal.
SL set at the break above recent price.
TPs not yet set, will watch for some Daily Bearish Price Action..
If SL is hit, we believe trade still a valid set up and will look for entries...
Weekly - Bearish Reversal Candle
Daily - Resistance @ 143.7 (end of the uptrend)
H4 - Support broken @ 143.35, push lower to Daily Support Level 142.2
H1 - On Retest of Support (now Resistance) @ 143.35.
I will be maintaining two positions, this trade to the H4 Support and another down to 142.2 or some Daily Bullish Price Action.
The H4 Rejection Wick confirms this uptrend. Pure Price Action Trade - no indicators...
Stop Loss set below previous wick although could be lower below Key Level (0.656) for insurance.
TP is set at a 1 to 1 (Risk to Reward), although if we can continue upwards. I will use a trailing stop.
Caution ! - we are near extreme highs and any positive fundamentals for...
