Firstly checking the Dollar Index (DXY), we see that the dollar has run into an area of Resistance/Supply. Looking at the EURUSD, we look for that same area and identify the best area to set our entry, which I found to be the 1.1565 area with a stop loss at 1.1547. Target will be at least a 3:1. Also note that the trend has been down in the past weeks but our big picture support area is strong enough for me to take this move. Profit taking should be aggressive in this case and in case when going against the trend.
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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.