Analysis for EURUSD - Using Support and Resistance, There was a clear bearish movement from the Top Resistance all the way down to the Middle Support, the Pair just reached the 1.17780 and we're expecting a retest and hopefully it'll reach the bottom support 1.17301
1.Major Support broken on daily (validating resistance zone on the 4hr)
2.Price action still validated as price has not broken
3.Major confluence between daily resistance zone and trend line
4.Long Term Trend
5.Profit margin- 1:3
5.If price action reaches take profit and no signs of major reversal we hold trade
On the break of the downtrend line I am pretty comfortable in taking partial profits on the BatPattern completion. Hedging for a short day trade and then building again for the upside.
Trading plan is important but I also believe in active trade management!
Be careful of the volatile news affecting the dollar but anyway the downtrend is coming to an end and us seeing bullush momentum when price reaches 1.51 level it will jump. Price is well belo wboth EMA's and stoch is oversold.
Strong uptrend so im following it. slight downtrend and choppyness has started because of heavy selling. price should come back up to normal. I could be wrong and price could touch the blue rectangle of support at 1.72619 level, if price does touch that rectangle a reverse is definitely going to happen. EITHER WAY I AM BULLISH