Hello everyone! I hope you are having a great week! I am taking a look at the EURUSD on the daily timeframe today.
It is currently in what appears to be a triple bottom. If price breaks above the WK1 resistance, then we should see a Trend Reversal.
If price breaks below the MN1 support, then we may see a continuation of price.
Here are my thoughts:
Long entry if we see a break to the upside of 1.08237
Short entry if we see a break to the downside of 1.050523
So, where will price go once we see a break?
Upon a break of the two levels provided, we may see the following price movement:
Long – 1.091144
Short – 1.042561
Now remember, this is the daily chart we are looking at. What does this mean?
Each candle is one day in duration
The chart above shows all the way back to January 2016
This would be a long term trade
Cheers to success and see you all in the room!