EURUSD Momentum Break: Trade Setup and Alternative Scenario
Based on this morning’s analysis, we’ve seen a break above the momentum high, signalling that buyers remain confident the EURUSD isn’t too overvalued.
As a straightforward principle, we trade what we observe. Buy above the momentum high, aiming for the next decision point at 1.1140 (H4 Structural Point).
Stop Loss:
What gets you in, gets you out!
Technically, if the price drops back below the momentum high (1.10899), it will be a negative signal for buyers. Therefore, we’ll set a conservative stop at 1.1085.
Profit Target:
1.1134 (Fibonacci Target)
1.1140 (Structural Target)
Alternative Scenario:
If the price breaks below 1.1085, buying is no longer advised. We will reverse the position for a trend reset trade towards the Fibonacci buy zone range of [1.1063 - 1.1039].
Happy Trading!
As a straightforward principle, we trade what we observe. Buy above the momentum high, aiming for the next decision point at 1.1140 (H4 Structural Point).
Stop Loss:
What gets you in, gets you out!
Technically, if the price drops back below the momentum high (1.10899), it will be a negative signal for buyers. Therefore, we’ll set a conservative stop at 1.1085.
Profit Target:
1.1134 (Fibonacci Target)
1.1140 (Structural Target)
Alternative Scenario:
If the price breaks below 1.1085, buying is no longer advised. We will reverse the position for a trend reset trade towards the Fibonacci buy zone range of [1.1063 - 1.1039].
Happy Trading!
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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.
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.