As seen happening time and time again with EURUSD and many other Euro pairs, they typically kick off their reversal with a fakeout in order to trap early buyers then go on a stop hunt spree to take out all the placed stop losses and finally move in the direction of the breakout. This is a classic example of what is happening with EURUSD at the moment and chances of it going for a stop hunt are very high.
Overall direction is bullish and the establisment of a Higher Low in and around 1.11183 will provide nice opportunities for going long on the pair.
Currently waiting for the pair to form and confirm a Higher Low before taking buy positions.
Overall direction is bullish and the establisment of a Higher Low in and around 1.11183 will provide nice opportunities for going long on the pair.
Currently waiting for the pair to form and confirm a Higher Low before taking buy positions.
Trade active:
Price moving as anticipated
Comment:
Fakeout complete. I do believe that price will now hit the Target area highlighted.
Trade closed: target reached