Bullish Continuation Pattern on EURUSD - Potential Long Trade
Introduction:
EURUSD is showing signs of a bullish continuation pattern on the H1 chart. A sharp move down was followed by a pullback, breaking above the latest fractal bar down. The subsequent price action formed a flag pole and a pennant, indicating a potential bullish breakout. This analysis outlines the setup, entry, exit strategy, and target for this trade.
Entry and Target:
We plan to enter a long trade after a confirmed breakout above the pennant's upper trendline. Our target is set at 0.1140, based on the height of the preceding flag pole projected upward from the breakout point.
Stop Loss:
For risk management, we will set the stop loss at 0.9870, just below the recent low of the pennant.
Note: This analysis is for informational purposes only and not financial advice. Remember to conduct your own analysis and risk assessment before making any trading decisions.
EURUSD is showing signs of a bullish continuation pattern on the H1 chart. A sharp move down was followed by a pullback, breaking above the latest fractal bar down. The subsequent price action formed a flag pole and a pennant, indicating a potential bullish breakout. This analysis outlines the setup, entry, exit strategy, and target for this trade.
Entry and Target:
We plan to enter a long trade after a confirmed breakout above the pennant's upper trendline. Our target is set at 0.1140, based on the height of the preceding flag pole projected upward from the breakout point.
Stop Loss:
For risk management, we will set the stop loss at 0.9870, just below the recent low of the pennant.
Note: This analysis is for informational purposes only and not financial advice. Remember to conduct your own analysis and risk assessment before making any trading decisions.
Order cancelled:
Breakout in opposite direction of the setup. Pending orders cancelled.