EUR/USD has broken out of the range that is used to trade in it since March.
It looks like its finding acceptance above the previous resistance zone (1.09 ish). which provides us a good risk to reward trade setup.
a pullback to the support level can be a good long trade to the next resistant zone around (1.1 ish)
you can manage your risk an average true range below the support level (40-50 pips below the support) and take profit at the equilibrium of the range (mid-range around 1.105) and take the rest of the trade off at the next resistant zone (1.11). It can provide a 1/3 risk to reward ratio.
It looks like its finding acceptance above the previous resistance zone (1.09 ish). which provides us a good risk to reward trade setup.
a pullback to the support level can be a good long trade to the next resistant zone around (1.1 ish)
you can manage your risk an average true range below the support level (40-50 pips below the support) and take profit at the equilibrium of the range (mid-range around 1.105) and take the rest of the trade off at the next resistant zone (1.11). It can provide a 1/3 risk to reward ratio.
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bounced from the buy zone and it looks like it has completed an ascending triangle on the lower time frames as well, the target of the ascending triangle is about 1.08
which is around the EQ of the range.
which is around the EQ of the range.
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holding above the triangle can be a good sign for continuation.
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Hulk smash O.o first target got hit
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target got hit
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Trade closed: target reached
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+3R