EURUSD - GREAT Risk-to-Reward ratio - Hidden Bullish PowerHi Traders!
The market is in a ranging condition.
As you can see we here have some Levels to look at.
Before we tell what these means, you have to know what the market is doing.
The price just made a strong bullish movement.
It is at this moment between these two important Levels:
The Resistance at 1.08900.
The Support at 1.08500.
Because the movement was bullish and reached the Resistance,
some Retracement was expactable.
But during this upmovement the market broke the strong Resistance at 1.08500.
(This is the Level which is the Support now.)
And pay attention to this: Normally, the market would have made lower lows after the other.
But the first red candle made a low, but this low isn't even broken
This is hidden bullish power, isn't it?
So, after we discussed what the market is doing, let's move on...
We have three Support Levels:
Strong Support
Support of Ascending Triangle
Support of 200 MA
Where to put the SL?
The answer is easy: Just under next Level.
In this case it is the tiny Support of 1.08200 (light orange dotted line).
Now look at the risk-to-reward ratio: Better than 1 to 4.
The MACD shows Green too.
We recommend to trade the bounce with a confirmation!
Thanks and successful Trading :)!
PS:
To the Followers: Did you noticed the change of thickness of the RED BOX?
Did you liked it? Write it into the comments!
