EURUSD is going through the expected reaction after touching the 150 day EMA. It is probable that bears will take profit at the triple bottom area near 1.1520 and aggressive bulls might join for a scalp taking this pair higher towards the 1.1650 area. Bears are still holding on to their positions, first signs of a minor reversal will appear in lower TFs. Buying around 1.1520 with stops below 1.1480 and looking for 1R-2R targets seems reasonable.
Note
5M shows the first lower high breaking for the day Note
Bears got too excited and quit early on this oneTrade active
Price is near 1.1520, a small long here with a 40 pip stop @ 1.1480 and 1R-2R targets ideallyNote
Trade closed: target reached
Partial 1R profits +40 pipsNote
Important gapped area penetrated and so far the result is a wyckoffs spring bar. Odds are this pair sees the 1.1560 gap area before it manages to overthrow the support around 1.1505.Note
Trade closed: stop reached
Remaining half position -40 pips
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.