EURUSD 200 pips bounce expected will it reach 1.20000 ?

Nov 5, 2020

EURUSD
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⏳4 Hour chart
🎲 Possible entry analysis
⛳️ Possible bull/bear target
📚Educational

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Detailed analysis 💬

1️⃣ XABCD cypher pattern
2️⃣ Firm break of 1.18000 key kevel
3️⃣ Risk on mode and broad weakness of USD
4️⃣ 1.19000 immediate resistance
5️⃣ Price came within the rising channel
6️⃣ False bearish breakout
7️⃣ Technical support - Bull
8️⃣ Price is around POC-VOLUME-High volume area
9️⃣ September high-Immediate resistance
🔟 Weak DXY- Upward pressure- 1.20000 level eyed
#️⃣ Overall bullish trend

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📉 Technical bias-H4-Bearish

Price Above 50,100,200 Exponential moving average
100,200 acting as immediate support, Possible entry point-1.17900
Relative strength index - Reached 70- overbought condition short term fall back expected
MACD -Turned green and well above signal line, oscillators pointing upward
Stochastic - Reached 75- overbought condition short term fall back expected
Ichimoku cloud -cloud is turned green-Price is above the cloud
Bollinger band- Price breakout of the band strong bullish momentum

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Key reversal area's
1.18000 Key psychological level
1.18850 October month high
1.16085 September low
1.15000 Key psychological level
1.19000 immediate resistance
1.17900 Possible entry- Bull

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Bullish entry #EURUSD

Entry price - 1.17900

Take profit 01 - 1.18700 (80 pips)
Take profit 02 - 1.19200(130 pips)
Take profit 03 - 1.20000 (210 pips)

🚫 Stop lose 1.17400 (50 pips)

⬆️ 1.8% Growth expected
⤴️ Account growth 0.41 : 1.8
✅ Risk reward ratio 1 : 4.39

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