EURUSD breakout pull back short

Failed to make a higher high as price touched the close of the previous high bar at 1.6627, which triggered an impulsive move downward. This looks like the start of the bear move, but still being weary until it breaks 1.08228, which seems to be like the most significant role reversal level. Until then, I will try to break down the move down into 3 trades in order to reduce risk. The first one is a breakout pullback play on the 4H. I'm waiting for prices to move up into the 1.1336 level to go in short to 1.1215 level. Depending on how price closes around that level will determine if I hold this trade, or if I get out and wait.

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Trade active.

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DXY is pushing higher and looking to test a trendline real soon, so I'm going to hold this EURUSD short for further lows into the second level. Entry for the second position would have to be after a break and close below 1.12154.

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2nd position should be active now.

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Price cleared the 1.22 level with conviction. We should have a clear move to the next target.

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Price is approaching target 2. To see target 3, we'd have to have a break of the trendline, which would eventually squeeze prices to break the support level at 1.10667.

lawlee9

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EURAUD

by lawlee9

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