General EURUSD price beeing rejected by that s/r level (area 1 also in confluence with the 50% Fib. I currently debating if thats the actual range. But for now i will keep it like that.
1. Long (Green arrow)
Requirements - Price moves above area 1 and forms a swing - Prices moves down and when passing the formed swing enter the trade
Target Former resistance level (level 2) also the possible actual top of the range.
Invalidation - Loss of area 1 after retake AND generating lower swings after
Stop- Loss - Under area 1
Time duration Days, weeks, months, years... ;)
2. Long (Yellow arrow)
Requirements - Price falls under level 1 - Retake of level 1 and forming a swing - Enter on break of that swing
Target Next big s/r area and 50% Fib (area 1)
Invalidation - Loss of level 1 and no retake
Stop- Loss - Slightly under the swing low formed after breaking level 1
Time duration Days, weeks, months, years... ;)
1. Short (Red arrow)
Requirements - Price falls under level 1 - Price forms a swing low - Enter on break of that swing
Target Slightly above the range low
Invalidation - Retake of level 1 after breaking under it
Stop- Loss - Slightly above level 1
Time duration Days, weeks, months, years... ;)
Good luck
Comment
Price went below S/R level 1(blue line). Lets see if we see the retest and break lower (Red arrow)
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