EUR/USD Breakdown on the Daily Chart
I am seeing EUR/USD ranging between 1.1454 and 1.1804. If price can break out to the downside of this range, I think it can reach 1.1339 before finding support again. I would take two positions on this trade so I can take profits at 1.1339 and then trail stop the other in case 1.1339 doesn't hold as support. Initial stop loss on this trade should be at 1.1557 and then trailed 20 pips above the high of each bearish candle down.
For a higher risk entry, one could set a limit order at 1.1449 to enter at half a position and then enter the other half of the position at the bar close in case we get a strong bearish rally intraday. If filled and candle doesn't close below 1.1454 then exit the half position.
For a higher risk entry, one could set a limit order at 1.1449 to enter at half a position and then enter the other half of the position at the bar close in case we get a strong bearish rally intraday. If filled and candle doesn't close below 1.1454 then exit the half position.
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