EURUSD Trading Setup

Today’s trading activity was almost muted during the EU session. The US session brought some more volatility and moved the markets.

Today’s trade, as outlined in my yesterday’s article HERE started reacting exactly as expected. This pretty much book example led to some gains in the NZDUSD pair. I am already around 40 pips in profit, which is a small fraction of what I am aiming for. Let’s stick to what I have outlined in yesterday’s article, so we don’t change the goal.

EURUSD Trading Setup

The trading setup that I am looking at today is the EURUSD pair. There is no clear candlestick formation. The only noticeable formation is a bearish rejection pattern. I am also spotting a minor support that is holding the price above it. I will be happy to see a price confirmation from the price action tomorrow. What I am looking for is a second green candle, which together with today’s one engulfs the bearish candle from the previous trading session. This would be the ideal scenario. One way or another, I will be looking to enter in a long position on a retracement towards 1.0555. My stop-loss would be placed just under 1.0510. My first price target is the level of 1.0620. My secondary price target is 1.0800.

Happy Trading,

Colibri Trader

 

p.s.

Check out my article on the Seven Steps to Become More Disciplined in Trading

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