EUR/USD BREAKS ABOVE RESISTANCE APPROACHING JULY HIGH! Hey Traders so looking at the EUR/USD still looking bullish if you took the buy zone at 1.571 consider moving stop now to Break Even.
IMO taking the risk out of a trade is the first step before locking in a profit. So now we approach July high at 1.833.
I always say markets can do 3 things as they approach significant support or resistance.
1. Consolidate
2. Breakthrough
3. Reverse
However you want to give the market room to breathe so I would start to lock in profit by staying 3 days behind market. So if you want to try this profit taking wait until tommorows candle finishes and then move the stop 3 days behind the market at 1.1670. Then just manually let the market decide when to stop you out. Just say behind 3 days behind market.
So if bullish consider protecting stops or small profit taking.
However if Bearish I don't think now is the time to short unless a significant reversal takes place and support is broken.
Good Luck & Always use Risk Management!
(Just in we are wrong in our analysis most experts recommend never to risk more than 2% of your account equity on any given trade.)
Hope This Helps Your Trading 😃
Clifford
