Big moves ahead EURPLN has finally bottomed out, created a nice round bottom and is starting to crawl upwards. Price is trading above both major moving averages (100 and 200) on H4. As you can our first target should be the 38% Fib retracement and our second longer term target is around the 61.8% Fib, just near the volatility gap.
EURPLN trade ideas
EURPLN 1H - Support and ResistanceAnalysis:
EURPLN price is currently in range. We can take following trades on the bases of Support and Resistance levels.
------ Trade ------
Chart: EURPLN
Type: Long
Entry: 4.71925
Stop Loss: 4.71286
TP1: 4.72564
TP2: 4.73203
------ Trade ------
Chart: EURPLN
Type: Short
Entry: 4.67775
Stop Loss: 4.68600
TP1: 4.66950
TP2: 4.66125
EURPLN - Non Trending market - breakoutObserved Non-Trending Market on EURPLN (Euro / Polish Zloty)
Applied Strategy
1) If the market performs an up-trend, the "Buy Stop" order shall trigger at 4.7300 and make a profit of a 1:1 ratio.
2) If the market performs a down-trend, the "Sell Stop " order shall trigger at 4.652 and make a profit of 1:1 ratio.
EURPLN BUYI went short the Polish Zloty (PLN) via a long EURPLN position.
My models point to a overvalued Polish Zolty, that in combination with an underlying bullish structure gives us a nice setup.
Risk/Reward ratio = 6
This is a longer term position, if you take the trade, make sure your Broker charges you competitive swap rates.
Manage you risk properly.