Short Term BUY idea for EURUSD - a retest of major resistance
Updated
This is a simple trade analysis on EURUSD.
I am looking at it as a short term BUY, then a long term SELL.
this trade is under the assumption that the major resistance at 1900 will be tested again, before giving a sell signal that could continue up to 1600 level.
Took this trade using a reversal set up.
1. Price is above MA 20
2. RSI crossed above 30
3. breakout from 0.38 fib level
My typical Target Price for this set up is the 0.618 fib level, but might hold it to see if the major resistance will be tested.
My entry levels at this trade is at 1.18419 , 1.18501 and 1.18550. All stops are set at 1.1849
I am looking at it as a short term BUY, then a long term SELL.
this trade is under the assumption that the major resistance at 1900 will be tested again, before giving a sell signal that could continue up to 1600 level.
Took this trade using a reversal set up.
1. Price is above MA 20
2. RSI crossed above 30
3. breakout from 0.38 fib level
My typical Target Price for this set up is the 0.618 fib level, but might hold it to see if the major resistance will be tested.
My entry levels at this trade is at 1.18419 , 1.18501 and 1.18550. All stops are set at 1.1849
Note
TP Hit :)
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