Looking at EURUSD it seems the pair is heading to test the ascending support at around 1.13130 level. However below this the pair has touched the 1.12800 level in the past and we do have the psychological level of 1.13000.
A top down perspective on this, the pair has fallen from the weekly resistance of 1.14700 and is currently looking to test the ascending support at the 1.13130 level as mentioned. Therefore I will be awaiting bullish rejection and confluence from the levels mentioned above before taking a long position to a target of 1.13700 and I believe there could be further upside potential after this level too. Bullish reversal and entry price action I will be looking for on the 4H, 1H and 30M. Lets see how this plays out…
A top down perspective on this, the pair has fallen from the weekly resistance of 1.14700 and is currently looking to test the ascending support at the 1.13130 level as mentioned. Therefore I will be awaiting bullish rejection and confluence from the levels mentioned above before taking a long position to a target of 1.13700 and I believe there could be further upside potential after this level too. Bullish reversal and entry price action I will be looking for on the 4H, 1H and 30M. Lets see how this plays out…
Comment:
As described above, I was expecting this pair to fall to around the 1.12800 level and seems to be forming a morning star formation at the level of 1.12700. This pair hs been tested as support in the past and held firm. Trade entered at 1.12784 with a 20 pip SL. Expecting a strong bullish move on this.
Trade active:
SL was hit. Price fell to around my SL to the pip. I then waited for a 4H closure of 10:00 and it was a strong bullish engulfing candle stick and re-entered the trade at 1.12740 and entered again bullish with a 22 pip SL. Trade ongoing.