Here some analysis on the EUR/USD pair:
After some macro indicator such as a stronger non farm payroll in USA which showed higher wages, the DOLLAR got stronger and we saw a correction on this pair. Technically, the price has rallied since a long time and this might be just a natural correction.
Currently, the trend is still up and I expect the price to go up around 1.22 where there will be some resistance and perhaps a consolidation and eventually a breakout.
Here is the trend set up:
- A nice consolidation has been formed + a DB
- We can see a front running indicator,higher low supported by a big green candle
- The price is lying on the upwards trend channel
- Put a BUY LIMIT on the breakout of the consolidation, around 5 pips.
- Risk reward around 1:1.8 targeting the major DAILY resistance, around 1.21-22
If you liked my analysis feel free to leave a comment or a like.