Hello traders!
The break out from the wedge has happened and EUR is continuing to show some good strength across the board. There are two upside targets for the pair. First is the wedge pattern target which is at 1.2855 and then it is the 50% fib retracement target which is at 1.2974. 50% retracement is the most common and often tested retracement for the EUR/USD. so there are good reasons for the market to test both these targets.
If you have entered at the first long call around 1.2270, it is time to move yours stops to around 1.2340. It is at the center of the wedge and it would be against the logic of the pattern if the market returns into the wedge.
The same would be a logical Stop loss point even for those who have entered long at the breakout.
Lets watch where this proceeds!
Happy trading and happy pipping!
The break out from the wedge has happened and EUR is continuing to show some good strength across the board. There are two upside targets for the pair. First is the wedge pattern target which is at 1.2855 and then it is the 50% fib retracement target which is at 1.2974. 50% retracement is the most common and often tested retracement for the EUR/USD. so there are good reasons for the market to test both these targets.
If you have entered at the first long call around 1.2270, it is time to move yours stops to around 1.2340. It is at the center of the wedge and it would be against the logic of the pattern if the market returns into the wedge.
The same would be a logical Stop loss point even for those who have entered long at the breakout.
Lets watch where this proceeds!
Happy trading and happy pipping!
