It worth to see things starting to play out on EURUSD, the UPTREND is now showing a sign of possible continuation
I've been talking about this multi year WEDGE pattern on EURUSD, price is trading above the multi year WEDGE PATTERN in the weekly big picture, we broke above the WEDGE pattern in July, since then price been consolidating, trading side ways while also forming up a BULL FLAG, we saw price break above the range bond zone and above the BULL FLAG on Friday with a weekly close above both.
I will be keeping eye on the what the close of the month will looks like on Monday, a retest holding of the 1.1916 zone resistance of the range bond will definitely set price higher and the long term target will be the next level of resistance @ 1.2500.
Generally, i think EURUSD is getting ready for the long rally to the 1.2500, i will keep my stop loss @ 1.1820 to give the trade enough room to run, since the risk reward ratio is good, with stop loss at 1.1820, entry @ 1.1920 and target @ 1.25000 that's gonna be about 1:5 risk reward ratio.
I've been talking about this multi year WEDGE pattern on EURUSD, price is trading above the multi year WEDGE PATTERN in the weekly big picture, we broke above the WEDGE pattern in July, since then price been consolidating, trading side ways while also forming up a BULL FLAG, we saw price break above the range bond zone and above the BULL FLAG on Friday with a weekly close above both.
I will be keeping eye on the what the close of the month will looks like on Monday, a retest holding of the 1.1916 zone resistance of the range bond will definitely set price higher and the long term target will be the next level of resistance @ 1.2500.
Generally, i think EURUSD is getting ready for the long rally to the 1.2500, i will keep my stop loss @ 1.1820 to give the trade enough room to run, since the risk reward ratio is good, with stop loss at 1.1820, entry @ 1.1920 and target @ 1.25000 that's gonna be about 1:5 risk reward ratio.