theselfishtrader

EURUSD - Long breakout on further dollar weakness

Long
FX:EURUSD   Euro / U.S. Dollar
Price has been testing the resistance zone around the 1.064 area.
Following a recent double top , price did not fall very far and a strong rejection of previous support shows there are still many buyers in this market.
Should price breakout above this zone, I would target the 127% Fib extension of the entire range.
Trade active: Entered long at 1.0599
Trade closed: stop reached

Comments

nice analysis
Reply
@PaschalPT, Thanks! Got stopped out to the pip before it moved higher as expected. Ah well, that's trading!
Reply
PaschalPT theselfishtrader
@theselfishtrader, Ahh yeah I can see price hit your stop loss then continued moving up. No worries though, like you said that's trading haha. All you can do it learn from it and move on but nonetheless a great setup indeed. Might i add that your ideas are quite insprational for me love em'. Keep it up *thumbs up*
Reply
@PaschalPT, haha, thanks for the support! New ideas posted shortly!
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