Euro / DollaroLong
EURUSD | Bears failed 3 times, possible short term buying opps
This trade is more technically motivated (H4 chart) than fundamental. Following last Friday's NFP explosion, which influenced USD bids; EURUSD's price action declined about 180 pips +/- in a matter of hours, descending to a low of 1.0690 . Since then, bears have made a valiant attempt to move price lower only to display exhaustion during its second attempt which failed just shy of 1.0670. Attempt # 3 failed with a low that only confirmed, buyers are have gained more confidence since the bears failed 2nd attempt. We have since close above the near-term resistance following a 3 candle bullish impulsive move without follow through to the upside for the moment. At this stage, I will be looking for a bearish rotation to the downside to possibly get long near 1.0750, targeting the 1.0900 handle. *1:3RR
"So we learn to understand it, study and strive to become one of the greats of our craf, our failures fuel our success as we evolve from beginner to professional..." - David Callwood Sr
EURUSD's price action declined about 180 pips +/- in a matter of hours, descending to a low of 1.0690 . Since then, bears have made a valiant attempt to move price lower only to display exhaustion during its second attempt which failed just shy of 1.0670. Attempt # 3 failed with a low that only confirmed, buyers are have gained more confidence since the bears failed 2nd attempt. We have since close above the near-term resistance following a 3 candle bullish impulsive move without follow through to the upside for the moment. At this stage, I will be looking for a bearish rotation to the downside to possibly get long near 1.0750, targeting the 1.0900 handle. *1:3RR"So we learn to understand it, study and strive to become one of the greats of our craf, our failures fuel our success as we evolve from beginner to professional..." - David Callwood Sr
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