EURUSD LONG, RR 1 : 3.3
EURUSD Daily chart formed double hammer, double rejection from bottom. A potential LONG can be executed with reasonable risk reward ratio.
Reason :
- 4 hourly chart, critical support at 1.1690.
- Price rejection at fibs level 50%, hammer formed only daily chart.
- Possible upside target to -27.2% fibs level @ 1.20 area.
- Simple textbook price action in play.
- Reasonable risk reward to long.
- Potential to reach next resistance points :
Entry point Long : CMP ; TP : 1.20 (+290pips) ; SL below 61.8% fibs level @ 1.16
Risk Reward 1 : 3.3
Always remember to trade with stop-loss, market is crazy & cunning*
Reason :
- 4 hourly chart, critical support at 1.1690.
- Price rejection at fibs level 50%, hammer formed only daily chart.
- Possible upside target to -27.2% fibs level @ 1.20 area.
- Simple textbook price action in play.
- Reasonable risk reward to long.
- Potential to reach next resistance points :
Entry point Long : CMP ; TP : 1.20 (+290pips) ; SL below 61.8% fibs level @ 1.16
Risk Reward 1 : 3.3
Always remember to trade with stop-loss, market is crazy & cunning*
Trade active
4th retest of 1.1690 support area, yet EURUSD still held above 1.17 firm.Buy position active now, let's see will it be reaching 1.1790 today for market closing.
Note
Nothing significant, market going sideway around 1.1750 area since US session open.Will come back again next week!
Trade active
+100pips now, move SL to BE to secure RISK FREE TRADE.Note
1.1750 support holding firm, a re-buy order has been executed.Target 1.20 intact.
Trade closed: target reached
TP hit (+310pips). EURO finally break 1.20 barrier!!Bags ecured, I hope you guys enjoyed my analysis.
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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.