EURO REBOUNDS
Updated
There was a lot of speculation that the dollar ( DXY ) would be weak. This past Tuesday, Trump couldn't reach any positive progress in the US - Sino trade talks, because Trump said that agreement on the “Phase 1” deal announced last month “could happen soon.” But he warned he was ready to raise tariffs on Chinese imports “very substantially” if that were to fail. Trade war news has been pulling the dollar down ever since the trade war tariffs were first introduced a couple of months ago.
EUR/USD reached a weekly support zone and rallied above it. Once it made the double top , it came down to retest the weekly support zone . In the process of it all, it created a bullish harmonic setup. The daily candle closed bullish above the support zone and confirmed the bullish harmonic setup.
Buy entries were taken at the close of the last daily candle, 1.1021. My stop loss is set at 1.1013, and take profit is set at 1.1063 which falls on the .382 fib of the bullish harmonic setup.
EUR/USD reached a weekly support zone and rallied above it. Once it made the double top , it came down to retest the weekly support zone . In the process of it all, it created a bullish harmonic setup. The daily candle closed bullish above the support zone and confirmed the bullish harmonic setup.
Buy entries were taken at the close of the last daily candle, 1.1021. My stop loss is set at 1.1013, and take profit is set at 1.1063 which falls on the .382 fib of the bullish harmonic setup.
Trade closed: target reached
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