I see a potential EURUSD long setup emerging. The price has stalled at 1.1480 area for 4 days, which is a 61.8 Fibonacci level and also a MS1. The RSI is in oversold area, which could indicate a reversal and an uptrend move.
In order for this setup to be more valid, I would like to see the price to close above 1.15480/90 level, which is a Daily resistance to be a Daily support.
The TP1 is just below MR1 level (1.17695 / 215 pips) and previous resistance and previous high. Based on Fibonacci extension levels, the TP2 would be 1.19410 (410 pips) and TP3 1.21260 (530 pips). SL on this trade is 90 pips (1.14373).
In order for this setup to be more valid, I would like to see the price to close above 1.15480/90 level, which is a Daily resistance to be a Daily support.
The TP1 is just below MR1 level (1.17695 / 215 pips) and previous resistance and previous high. Based on Fibonacci extension levels, the TP2 would be 1.19410 (410 pips) and TP3 1.21260 (530 pips). SL on this trade is 90 pips (1.14373).
Trade active:
This setup might become an invalid one. The price has stalled on MS1 at 1.14800 area for the last 4 days. Todays price opened below Friday's close, which could mean further downward move and potentially hitting SL.
But, if the price holds 1.14800 zone, the long setup could still happen. The RSI is oversold and testing oversold area once again.
I will hold the trade for few next days, until it gets a more clear move.
But, if the price holds 1.14800 zone, the long setup could still happen. The RSI is oversold and testing oversold area once again.
I will hold the trade for few next days, until it gets a more clear move.