EURUSD has been on a recent downtrend and a bullish AB=CD has been completed. D completion at 1.14634 is within a potential reversal zone between the 127.2 and 161.8 Fibonacci extension level of leg CB. The confirmation of the bullish bias are a candlestick breaking and closing above the short term trendline resistance and a candlestick with a higher high and higher close. Thus, I am placing a buy limit at 1.14736. Stop loss is just below the 161.8 Fibonacci extension of leg CB. The take profit target is set at the 38.2 Fibonacci retracement level of leg AD. I will cancel the pending order if price goes to TP1 before it gets triggered. Trade details are as follows:
Trade Setup: Bullish AB=CD
Price Entry 1.14736
SL 1.14460 | SL pips 27.6
TP1 1.15250 | TP1 pips 51.4
RRR1 1.86
Trade Setup: Bullish AB=CD
Price Entry 1.14736
SL 1.14460 | SL pips 27.6
TP1 1.15250 | TP1 pips 51.4
RRR1 1.86
Order cancelled:
Price went to TP1 before my buy limit order was triggered.