Last week's bullish run past 1.5450 zone was unsuccessful. However, we now have an even more favorable setup.
A double bottom has formed at 1.51; the setup even shows a higher second bottom, which is very much in favor of bulls. (Approximately 18 pips higher than the first bottom.
The more aggressive traders can enter now with a stop loss at 1.5050, and a target just short of 1.5450.
The more conservative traders can enter at 1.55, with a stop loss just below 1.5450 zone.
This is a pearl-in-a-clam setup, in my opinion and could make traders anywhere from 100 to 200 pips.
A double bottom has formed at 1.51; the setup even shows a higher second bottom, which is very much in favor of bulls. (Approximately 18 pips higher than the first bottom.
The more aggressive traders can enter now with a stop loss at 1.5050, and a target just short of 1.5450.
The more conservative traders can enter at 1.55, with a stop loss just below 1.5450 zone.
This is a pearl-in-a-clam setup, in my opinion and could make traders anywhere from 100 to 200 pips.
