EURUSD Time for a correction
Lets see if we can't punch through resistance and out into a correction on this downtrend.
The lows were rejected for now. If we can keep above 1.0730's, I think this has a good chance of retesting resistance at 1.0800 and perhaps even 1.0870
Two longer term trendlines present a confirmation of the correction if broken.
Long entry target is near 1.0740, as it will have to retest that level soon. Stop is close below that, presenting a very high risk/ reward trade.
Target 1 is around 1.0800, we will have to wait and see if 1.0870 is feasible.
The lows were rejected for now. If we can keep above 1.0730's, I think this has a good chance of retesting resistance at 1.0800 and perhaps even 1.0870
Two longer term trendlines present a confirmation of the correction if broken.
Long entry target is near 1.0740, as it will have to retest that level soon. Stop is close below that, presenting a very high risk/ reward trade.
Target 1 is around 1.0800, we will have to wait and see if 1.0870 is feasible.
Trade closed: stop reached
Personally, my stop was hit as it whipsawed before breaking the channel and hitting the target. Long idea was right, this particular trade had too close of a stop.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.