EURUSD is going through the expected reaction after touching the 150 day EMA. It is probable that bears will take profit at the triple bottom area near 1.1520 and aggressive bulls might join for a scalp taking this pair higher towards the 1.1650 area. Bears are still holding on to their positions, first signs of a minor reversal will appear in lower TFs. Buying around 1.1520 with stops below 1.1480 and looking for 1R-2R targets seems reasonable.
Comment:
5M shows the first lower high breaking for the day
Comment:
Bears got too excited and quit early on this one
Trade active:
Price is near 1.1520, a small long here with a 40 pip stop @ 1.1480 and 1R-2R targets ideally
Comment:
There was a gap test but the price failed stay below it – good signal for bull continuation
Trade closed: target reached:
Partial 1R profits +40 pips
Comment:
Important gapped area penetrated and so far the result is a wyckoffs spring bar. Odds are this pair sees the 1.1560 gap area before it manages to overthrow the support around 1.1505.
Comment:
Trade closed: stop reached:
Remaining half position -40 pips