EURUSD - On the move P2
Continuing with my trade idea. We had the break of the 50MA on the daily. This is the action I needed to give me a bias. I feel there's clear bullish energy stacking up now. (Plus MA being a leg indicator helped me form this decision)
I feel the breakout from the consolidation is a clear trend confirmation for a bullish run. I'm targeting the prior level of support (double top @1.19886) I will like to see a test and pullback around this key level.
Entry target will be 1.19592 - 1.9518. This matches up to be the golden zone on my fib (.5 - .618)
Risking 1.5% - SL @ B/E when TP1 hits
TP1 / 0 / 30%
TP2 / -0.25 / 40%
TP3 / -0.618 / 30%
I feel the breakout from the consolidation is a clear trend confirmation for a bullish run. I'm targeting the prior level of support (double top @1.19886) I will like to see a test and pullback around this key level.
Entry target will be 1.19592 - 1.9518. This matches up to be the golden zone on my fib (.5 - .618)
Risking 1.5% - SL @ B/E when TP1 hits
TP1 / 0 / 30%
TP2 / -0.25 / 40%
TP3 / -0.618 / 30%
Note
We had the rejection off the key level of resistance (1.19886) however I was yet to take any long positions due to bearish confluences. We had a Gravestone doji aswell as bearish divergence on the 4hour. I will be waiting for price to pullback more before thinking about long positions.
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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.