I have been waiting on this set up for a while now so I'm hoping the wait will have been worth it! Current market price at time of writing is 1.19450.
Huge swing trade set up here on EURUSD. Price has been so bullish over the last week due to USD's weakness and I did anticipate it reaching the yearly high at the 1.20 psychological level (2020's highest price.) which it has. I am religiously seeking out these strong levels in my trading due to their reliability to make strong rejections.
As anticipated, price has begun to reject and start to sell off. We also have a falling wedge pattern that should break, if momentum can sustain. If so, we could see a nice swing trade down to the bottom of the range in the 1.16000's
The risk to reward ratio on this trade is excellent, stops can be placed above the psychological level around 1.20200 which is little risk for such a great potential reward.
Let's see how this plays out! if price does return to the 1.20's then I won't be too disheartened as the R:R here is too good to miss!
Huge swing trade set up here on EURUSD. Price has been so bullish over the last week due to USD's weakness and I did anticipate it reaching the yearly high at the 1.20 psychological level (2020's highest price.) which it has. I am religiously seeking out these strong levels in my trading due to their reliability to make strong rejections.
As anticipated, price has begun to reject and start to sell off. We also have a falling wedge pattern that should break, if momentum can sustain. If so, we could see a nice swing trade down to the bottom of the range in the 1.16000's
The risk to reward ratio on this trade is excellent, stops can be placed above the psychological level around 1.20200 which is little risk for such a great potential reward.
Let's see how this plays out! if price does return to the 1.20's then I won't be too disheartened as the R:R here is too good to miss!