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EUR/USD - GO LONG (WITH CAUTION)

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Colins-Technical-Takes

EUR/USD – Daily

Recommendation: GO LONG (WITH CAUTION)

Current Trend: Short-term down, but oversold. Med and long-term up.

Strategy: Go long at current levels.

Trade summary detailed below:

(Daily)

Screen Shot 2018-03-02 at 13.28.30.png

Chart Setup: The euro broke below its 9 Feb low (line 3) briefly and gave a classic bullish reversal candle yesterday (Thurs.). This also occurred from its rising 50-day moving ave (support). It’s likely to rally from here.

  • Its short-term Stochastic is oversold, which is also bullish.

Strategy Details: Short-term traders to go long at current levels (but with caution). 

Target: Take half profits at/near 1.2400. And the rest at 1.2540 if reached.

  • Its main target is still to 1.2640, based on a rounding bottom. But it’s unlikely to be reached just yet. 
  • To the downside, support is lines 1 and 2 at 1.2090.

Stop-loss: A close below 1.2150 (below yesterday’s low). From 1.2350 raise stop to below 1.2230. And from 1.2390 raise a stop as a breaking of its prior one day low.

 

 

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