EURUSD 4H Long Incoming

1 thg 7, 2019

Here we see the 4H chart for EURUSD. We can see a clear bullish channel with two ascending lines acting as support and resistance for the pair. Price has just been pushed away from the 1.1411 level making a new high and now price is pushing towards the support level. With a previous level being spotted at 1.1258, this adds confluence to the trade and gives us more reasoning to take the long position. At the moment, with such strong bearish movement price is currently on track to move past this level and meet the trendline at a lower point, however I highly doubt it will be able to keep at this momentum and should slow down to meet our entry at the targeted point at the circled area where both the trendline and previous level meet. If my entry requirements are met, I am looking at quite a conservative stop loss placement and targeting new highs for the pair. This provides a good risk:reward with a 1:5 looking at 10% growth with 2% risk