EURUSD Trade Setup

by: Colibri Trader

Dear traders,

This week’s setup turned into a trade and is performing as expected. I managed to enter in a long position at 0.7300. I also managed to go long AUDUSD at 0.7892.

Those two pairs look like they are chasing the resistance areas on the daily timeframe. The scope is not large, but it ticked all the boxes I had (including the intraday confirmation), so I went long both instruments.

EURUSD Trade Setup

Today’s trading setup is coming from EURUSD. The daily candle is an inside bar. It formed just above the support level marked on the chart.

I believe market participants have been waiting for a similar formation to push the price higher. So far, not much has been seen, but I am expecting to see EURUSD higher in the next week.

My hypothetical entry could be around 1.1744. But it really depends on the daily open.

My stop could be placed just under 1.1650. My first target (if I am in a long position) would be 1.1900. Secondary target could be the level of 1.2000. Be very cautions, since this is a very strong resistance area. Won’t be surprised to see some irregularly large moves around this area.

One last thing: the weekly candle of EURUSD is a pinbar.

Happy Trading,

Colibri Trader

p.s.

Don’t forget to check out Two of My Most Recent Trades and How I Traded Them to Profit

or Why Candlesticks Are So Important (+Free E-Book)

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