EURUSD - starting multi-months rally to the upside

USD weakness is kicking in after it outperformed it's pairs for the last months.
Now EURUSD is looking for the upside, targeting the 1.20 area.

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Price testing trend line and 1.16 level and is in oversold RSI area.
Expect it to fall a bit down to the retracement levels and testing the moving average again, I believe it will have a little hard to break below 0.236 - 0.382 levels as corrections often stop around previous wave 4 levels.

Don't short it, it's not worth. Better wait, once the correction ends, start buying.

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Price corrected as expected,
Long entry made @ 1.1557
SL @ 1.1488 at first then moved to break even after price reached previous high reaching 1/1 R/R.
Trend line broken, wait for retest before making new entries.

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Đóng lệnh: đạt mục tiêu:

Trade closed when price reached the 0.618 Extension level.
Even tho price has potential to go up to 1.20 - 1.22 area
I'm stoping everything for now on this pair until I find a clear setup.

So, this trade gave +172pips.

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Bình luận:

Price seems to be in a complex correction for now.
So, short term there will be a bit of USD strenght before it starts fading.
Therefore, wait for the correction to end before thinking about long positions.