EURUSD has broke market structure after an extended run, I'm looking for a reversal based trade here today at the specified entry point on the M5 chart.
Looking to target the two Daily orderblocks sat above.
Potential reversal downwards off the first block is possible, that'll yield a RR of 1:5.
If it breaks that area, then I'm looking to take it up to the 2nd TP which coincides with another daily orderblock.
The probability of reversal short from that area is extremely high.
Pending order @ 1.17240
If we get stopped out @ breakeven, we can re-evaluate the market in the morning and look for a re-entry.
Let's see what happens today, let the dust settle from NFP, then look closer the following week.
EU can reject off TP 1 or TP 2. TP 2 would be ideal as there's an inefficiency there. Should price not reach into that area in the coming days, it'll present as a very nice area to take profit for longs in future.
Thanks for interacting and also your insight :) It's nice talking to someone who knows what they're talking about!