EURUSD Trading Setup

by: Colibri Trader

Dear traders,

It is Monday and I am looking at a few trading setups. Before we proceed to it, I wanted to mention that the trading idea from last time I had is still looking bullish. The intraday action today started to make me a bit hesitant, but the daily close is definitely confirming the bullish bias. A bearish rejection resulted in a pin bar-like candle. I am still more bullish, but not willing to add another position. Will keep an eye on tomorrow’s intraday action.

EURUSD Trading Setup

As you can imagine, my thoughts are with the EURUSD today. We are in a minor bullish correction, which might turn into a major trend change. For now, I am looking at the daily formation only. There is a pin bar that formed on the daily time frame. The intraday action looks more bullish than bearish. The pin bar formed on a small support level formed by the previous lows. I will be looking to enter in a long position at around 1.0680. My stop loss is placed just under 1.0600. My first price target is the level of 1.0850.

Happy Trading,

Colibri Trader

P.S.

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