PRICE AT AN IMPORTANT KEY LEVEL AND JUST BOUNCED OFF THE RESISTANCE TURNED SUPPORT FORMING A DOUBLE BOTTOM. ALSO THIS KEY LEVEL IS IN CONFLUENCE WITH THE 0.5 FIB LEVEL. GBP AVERAGE HOURLY EARNINGS IS EXPECTED TO COME OUT BETTER AT 2.2% AND THE REASON WHY THIS IS IMPORTANT IS BECAUSE THE BOE (BANK OF ENGLAND) SAID THEY'LL BE MONITORING HOURLY EARNINGS DATA. IF...
TP : 185.1 SL : 187.6 / sell position is confirmed only if H4 closes below 187. afterwards enter at possible retracements around 187.26. This is a countertrend trade only for risk takers as overall bias is still bullish. Exit the trade at 185.1 and look to enter long once d1 confirmed bullish pin bar / bias at 185 region. RISK REWARD 2.5
The current move in EURUSD feels like exaggerated / capitulation move. Time to try a long for a retracement. RISK management is #1 Trade reasons: EURUSD pushing past daily S2 - 1.2715 EURUSD pushing past weekly S2 - 1.2710 EURUSD pushing past monthly S3 - 1.2713 EURUSD is -9.30% in less than 2 month without any significant retracement. 1.2743 low was taken out,...