EURUSD is approaching a very strong resistance level at 1.14071.
I expect that once prices arrive at this resistance level, a downward movement towards 1.11777 will be observed.
I suspect that there would be some bearish divergences on the MACD Crossover that you will be able to see during this period as well.
This will further strengthen the reason for entering this trade.
I will be entering a short trade once prices hit 1.137 as this is a smaller resistance level on the 4h timeframe.
For traders who build their positions like me, the second entry will be at 1.114071, at the strong resistance level.
My stop loss will be at 1.14430. This is a level slightly above the resistance level to give it some room for error.
My take profit will be at 1.11777. This is a strong support level.
If you agree with this trade, do give it a huge thumbs up! :)
I expect that once prices arrive at this resistance level, a downward movement towards 1.11777 will be observed.
I suspect that there would be some bearish divergences on the MACD Crossover that you will be able to see during this period as well.
This will further strengthen the reason for entering this trade.
I will be entering a short trade once prices hit 1.137 as this is a smaller resistance level on the 4h timeframe.
For traders who build their positions like me, the second entry will be at 1.114071, at the strong resistance level.
My stop loss will be at 1.14430. This is a level slightly above the resistance level to give it some room for error.
My take profit will be at 1.11777. This is a strong support level.
If you agree with this trade, do give it a huge thumbs up! :)
Trade active:
I've entered a short trade as planned. The entry price is 1.13664, slightly lower than the original entry of 1.137!
Trade closed manually:
Closed the trade at 1.13664 (+20.1 pips). The reason being an inverted hammer was seen on the H1 timeframe. Will be looking for a re-entry if trade still remains valid!
