Calling all traders! We've got a fantastic EUR/USD setup unfolding on the 1-hour timeframe that you won't want to miss. Here are the key details:
🔑 Technical Analysis Highlights 🔑 📊 Fibonacci Magic: After a strong rally, EUR/USD retraced precisely to the 0.618 Fibonacci retracement level. A classic retracement pattern, indicating potential bullish strength.
🔄 Rounding Bottom Formation: The price has consolidated beautifully at the 0.618 level, forming a visually appealing rounding bottom pattern. The icing on the cake? The last candle is a bullish pinbar candlestick, signaling a potential upward reversal.
📈 RSI Confirmation: The RSI indicator supports this scenario, currently residing in the oversold territory, suggesting that a bullish move may be in the cards.
📊 Trade Strategy 📊 With these compelling technical signals, the strategy is clear: seize this buying opportunity on EUR/USD. Place your stop loss just below the pinbar, around 1.08320, to manage risk effectively.
🎯 Take Profit Targets 🎯 1️⃣ First Target: 1.09000 2️⃣ Second Target: 1.09400 3️⃣ Ultimate Target: 1.01000
Remember, trading carries inherent risks, and it's crucial to conduct thorough research and employ risk management techniques. Best of luck with your trades, and may they be highly profitable! 💰🚀📈
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I have it dropping selling to 1.07000 with the news ready to release in a few hours. Expecting it to rocket afterwards but love your set up very informative