EURUSD Trading Setup

by: Colibri Trader

Dear Traders,

It has been a pretty slow week. I guess this is due to the fact that we are entering in a summer season, when traders are taking holidays and volatility historically has proven to be lower. My last trading idea was regarding the CHFNZD. There was a pinbar on a major support level. This has not still shown a lot of bullishness and I am curious to see where it will open on Sunday. So far, price is reaching lower.

EURUSD Trading Setup

It has been a while since we have not had a price action setup on the EURUSD. I am looking at the daily chart and price action is printing two bullish engulfing patterns. The first one formed on 21st of June and the second one formed on Friday. It looks like the price is locked between 1.1100 and 1.1300. Based on price action analysis there is definitely more bullishness than bearishness. Depending on Sunday open, I might be looking to open a long position. If my trade materialises I might be looking for an entry around 1.1180. A stop loss could be placed just under the nearest swing low at 1.1100. A potential pice target could be 1.1300. Then, depending on price action 1.1500.

Happy Trading,

Colibri Trader

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