EURUSD → Nearing Support! Is it Time to Long!? Let's Answer.
EURUSD rejected nicely off of the Resistance Zone at 1.10 and fell to 1.07300! If you shorted at the Resistance Zone per my last analysis, hold that short! It's reasonable to take profits here around 1:1 Risk/Reward and swing the latter half, but will we make it to the bottom?
How do we trade this? 🤔
If you're not currently in a trade, I would wait until the price falls closer to the Support Zone and bounces or wait for it to break Resistance and long above it. Look to enter a long in the 1.06 area if a strong bull signal and confirmation plays out and trade a 1:2 Risk/Reward taking profit just shy of the Resistance Zone. Your protective stop should be below the Support Zone giving you a clear 1:2 Risk/Reward!
💡 Trade Idea 💡
Long Entry: 1.05800
🟥 Stop Loss: 104.100
✅ Take Profit: 1.09200
⚖️ Risk/Reward Ratio: 1:2
🔑 Key Takeaways 🔑
1. Trading Range after Bull Run, Bias to Long.
2. Rejection at the Resistance Zone, Run Short to 1.06.
3. Look for Support at Support Zone 1.054.
4. Look for Reversal Pattern, Bull Signal and Confirmation.
5. RSI at 45.00 far below Moving Average, Bias to Short.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and comment if you found this analysis useful!
How do we trade this? 🤔
If you're not currently in a trade, I would wait until the price falls closer to the Support Zone and bounces or wait for it to break Resistance and long above it. Look to enter a long in the 1.06 area if a strong bull signal and confirmation plays out and trade a 1:2 Risk/Reward taking profit just shy of the Resistance Zone. Your protective stop should be below the Support Zone giving you a clear 1:2 Risk/Reward!
💡 Trade Idea 💡
Long Entry: 1.05800
🟥 Stop Loss: 104.100
✅ Take Profit: 1.09200
⚖️ Risk/Reward Ratio: 1:2
🔑 Key Takeaways 🔑
1. Trading Range after Bull Run, Bias to Long.
2. Rejection at the Resistance Zone, Run Short to 1.06.
3. Look for Support at Support Zone 1.054.
4. Look for Reversal Pattern, Bull Signal and Confirmation.
5. RSI at 45.00 far below Moving Average, Bias to Short.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and comment if you found this analysis useful!
-Joe Dean
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