Neutral bias on EURUSD. Although a bullish PA is more likely.
This week, price broke resistance at 1.1740-50 area and moved up to 1.18 handle. However, it lacked the momentum to keep its bullish run and it made a retest.
Now, EURUSD retested the broken structure and bounced off a strong resistance, but it also has a uptrend line that hasn't been retested yet at around 1.1700.
Aggressive traders can start longing EURUSD at around 1.1740 with TP of 1.1860 and SL of 1.1690
Conservative traders can wait if price will retest 1.1710 and start buying at that area.
Alternatively, if price breaks the uptrend line, look for a retest and sell.
Feel free to share your chart in the comments!
This week, price broke resistance at 1.1740-50 area and moved up to 1.18 handle. However, it lacked the momentum to keep its bullish run and it made a retest.
Now, EURUSD retested the broken structure and bounced off a strong resistance, but it also has a uptrend line that hasn't been retested yet at around 1.1700.
Aggressive traders can start longing EURUSD at around 1.1740 with TP of 1.1860 and SL of 1.1690
Conservative traders can wait if price will retest 1.1710 and start buying at that area.
Alternatively, if price breaks the uptrend line, look for a retest and sell.
Feel free to share your chart in the comments!
Better to wait for price to test the lower line of the channel before opening a long trade to catch better RR. Entry should be around 1.1700-1.1710