EUR/USD Long: Strategic Entry Amidst Bullish Momentum
EUR/USD Long Position Targeting Sunday Open
Setup Overview:
This trade is based on a 30-minute chart where EUR/USD is positioned for a potential bullish move. The pair has recently shown strong support at the lower zone, and I’m targeting a rally towards the Sunday open, which aligns with the upper resistance level visible on the chart.
Key Levels:
• Entry: The trade is entered near the support zone, capitalizing on the recent retracement and aiming for a bounce back.
• Target: The Sunday open level, which corresponds with the upper green zone on the chart, indicating potential profit-taking.
• Stop-Loss: A stop-loss is set just below the recent low, indicated by the red zone, to manage risk and protect the position in case of a downward move.
Rationale:
The recent price action suggests a consolidation phase, with a bullish breakout likely as we approach the weekend. The trade strategy is built on the expectation that the EUR/USD will rebound off the support and head towards the Sunday open, where previous price action has shown resistance.
Risk Management:
With a well-defined stop-loss and a clear target, this trade maintains a favorable risk-to-reward ratio. The setup is designed to capture the upside potential while minimizing downside risk.
Setup Overview:
This trade is based on a 30-minute chart where EUR/USD is positioned for a potential bullish move. The pair has recently shown strong support at the lower zone, and I’m targeting a rally towards the Sunday open, which aligns with the upper resistance level visible on the chart.
Key Levels:
• Entry: The trade is entered near the support zone, capitalizing on the recent retracement and aiming for a bounce back.
• Target: The Sunday open level, which corresponds with the upper green zone on the chart, indicating potential profit-taking.
• Stop-Loss: A stop-loss is set just below the recent low, indicated by the red zone, to manage risk and protect the position in case of a downward move.
Rationale:
The recent price action suggests a consolidation phase, with a bullish breakout likely as we approach the weekend. The trade strategy is built on the expectation that the EUR/USD will rebound off the support and head towards the Sunday open, where previous price action has shown resistance.
Risk Management:
With a well-defined stop-loss and a clear target, this trade maintains a favorable risk-to-reward ratio. The setup is designed to capture the upside potential while minimizing downside risk.
Note
After a 20-hour trade with 3 hours spent in drawdown, the market has now shown some recovery. Given the current price action and the apparent lack of volume, it’s prudent to move our stop-loss into profit territory. This adjustment will lock in gains and allow the trade to continue running with minimized risk. Let’s see how the market evolves from here.
Trade closed: target reached
The target was successfully reached after a pullback just before the New York open, with the trend continuing in our favor. Well done to everyone who held on to the trade! A quick note: remember that price and candle patterns can vary depending on the broker you’re using. Keep this in mind for future trades.
Have a great day, everyone!
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.
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.