Buying The EUR/USD Daily Double Bottom
It appears that the vacant economic calendar and slow trading conditions are promoting a rotational EUR/USD. Until Friday’s U.S. CPI release, I expect this market to trade between the 38% Current Wave retracement (1.1612) and the June/July Double Bottom (1.1510).
In the event the EUR/USD fails to sustain trade above the 1.1612 area, then we are in a position to test the Double Bottom just above the 1.1510 handle.
For the remainder of the week, here is the trade:
Entry: Buy 1.1512
Stop: 1.1474
Profit Target: 1.1549
Risk vs Reward Ratio: Very near 1/1
In the event the EUR/USD fails to sustain trade above the 1.1612 area, then we are in a position to test the Double Bottom just above the 1.1510 handle.
For the remainder of the week, here is the trade:
Entry: Buy 1.1512
Stop: 1.1474
Profit Target: 1.1549
Risk vs Reward Ratio: Very near 1/1
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.