Trade Idea: Will Buyers Push The EURUSD Pair Higher Again?
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It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts” where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.
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All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.
Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.
Potential Trade Setup: Will Buyers Push The EURUSD Pair Higher Again?
All charts I provide are of the Daily time frame unless stated otherwise.
EURUSD
Trend: Bullish
Key Levels: Broken key level of resistance 1.1262 with expecting this to hold as a new support.
Price Action Signal: Awaiting a retest of the broken key level for a price action signal
Chart Notes: The EURUSD pair broke out in momentum at the resistance level of 1.1262 last week after forming a double bottom price pattern.
With a possible bullish bias currently there could be a new move higher with this pair.
Potential Trade Idea:
I am considering buying this pair again if the broken key level of 1.1262 now holds as a new support. Also being the baseline of the double bottom baseline.
I will be looking for a strong bounce of this key level with a nice bullish reversal candlestick pattern.
This setup has plenty of free space, giving the trade idea room to head higher for a good risk to reward.
With a first potential target being the last daily highs. Should give me at least a 1-1 first target.
I can’t stress enough here, that patient and discipline is the key to any successful trader.
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Now is your turn:
How are you planning this setup? What are you looking for to catch the next bullish move with this pair? Just leave any question or comments below.
