Looking for double bottom in EurUsd
Updated
Previous low in EurUsd provides a nice setup on the weekly chart for a long position
I have entered around 1.06 long and have a Stop Loss just below 1.04, targeting 1.2480 in the long run
Previous weekly low around 1.05 may provide a support level and double bottom on weekly chart
Fundamentals could not get (much) worse for Euro and I am betting that a low is in place
This is a long-term trade, and I expect to take half out at 0.618 Fibonacci weekly expansion next month,
and leave the other half in until 1.618 Fibonacci expansion at 1.2480 until next year
This second target is just below 0.618 Fibonacci retracement from the previous move down
and it would keep Euro bearish but would be a healthy weekly retracement up.
A break below 1.04 and previous lows on the weekly chart would lead me to believe that the double bottom
is no longer an option and I have put my SL accordingly.
If my SL is hit I will be looking for defense of parity in this pair (doubling my exposure)
I have entered around 1.06 long and have a Stop Loss just below 1.04, targeting 1.2480 in the long run
Previous weekly low around 1.05 may provide a support level and double bottom on weekly chart
Fundamentals could not get (much) worse for Euro and I am betting that a low is in place
This is a long-term trade, and I expect to take half out at 0.618 Fibonacci weekly expansion next month,
and leave the other half in until 1.618 Fibonacci expansion at 1.2480 until next year
This second target is just below 0.618 Fibonacci retracement from the previous move down
and it would keep Euro bearish but would be a healthy weekly retracement up.
A break below 1.04 and previous lows on the weekly chart would lead me to believe that the double bottom
is no longer an option and I have put my SL accordingly.
If my SL is hit I will be looking for defense of parity in this pair (doubling my exposure)
Note
Big move up today and double bottom is now in place.First target should be reached very soon now
Note
Retracement down to 61.8% fibonacci support would be healthy before the next move upThat means the 107.5 level should be watched, below 1.07 I'm out - SL moved to 106 at break-even
Note
First target reached! - 1/2 TP, rest SL to breakeven and target 'second target'Note
Pair is at 61.8% fibonacci retracement of last move up to 1.14 from 1.06A buy opportunity here with huge RR ratio
Buy now with SL below 1.08 and TP above previous highs (mine is at 1.24)
Note
Pair is moving back up to break above (first target) weekly 61.8% fib expansionIf it holds above this level it offers the chance to buy for a greater move up to second target
Note
Above first target now - looking for 1.108 level to act as support for more buy opportunityNote
I believe it would be right to buy around 1.11 now - above first target 1.1089 (now support)
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