Today the pair dropped to 1.0713, area located around yesterday's lows, forming a potential double bottom in the short term. Currently, with the pair above Asian session highs, the possible target of the distance between 1.0710/20 and 1.0770 is 60/70 pips.
EUR/USD needs to hold above 1.0760/70 in order to keep the bullish bias intact; if it falls below, it would invalidate the formation.
EUR/USD needs to hold above 1.0760/70 in order to keep the bullish bias intact; if it falls below, it would invalidate the formation.
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Did exactly how I wanted it to and scalped around 30 pips
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In the 4 hours chart, however, the price is still below a bearish 20 SMA, while the technical indicators are barely bouncing from oversold levels, suggesting the upside will remain limited as long as the price remains below 1.0810. Also, given that we are trading below the range of 1.10819/1.0796 which was the May low, the July low, the 7th December lows, 1.0523 recent lows are in sight on further downside.
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Trade successfully done.