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EUR/USD - Technical Trade Note

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Colins-Technical-Takes

EUR/USD – Daily

Recommendation: BUY

Trend: Up on all main timeframes.

Strategy: Buy at current levels, and/or on a minor pullback.

EUR USD DAILY.jpg

Chart Setup: The euro is resolving an untidy sideways few months, to the upside. It has two higher targets, based on an inverse head and shoulders (H/Sh) (T1) and a failed H/Sh (T2). Right now it’s breaking through line 2 resistance which is a further positive.

  • Its short-term Stochastic is not overbought yet and is still bullish.

 

Strategy Details: Buy at current levels. If preferred, wait for a one or two day pullback, but it’s probably not necessary in this case.

 

Target: Target 1 (T1) is 1.2172; while T2 is 1.2270

 

Stop-loss: A close below 1.1914 for now. From 1.2172 (T1) lock in a bit of trading profits and raise stop to a prior one day low on the remainder. It will be buyable again on a pullback, until 1.2270 (T2) is reached. 




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