EUR/USD Cypher with caution

11 thg 10, 2016

EUR/USD is setting up a cypher pattern at 1.1039. I would be very cautious with this one, should price action come down to complete the cypher there is a major resistance area @ 1.1136. In most cases, I would take profits at the .382 retracement of the CD leg which comes in @ 1.1164, but with such a major resistance level coming in before first targets I will be looking for a more conservative entry such as a double bottom or a pattern on a lower time frame to get a tighter stop and a better Risk/Reward profile.