From technical perspective EURUSD is in uptrend since 1.820 support and long positions should be considered on pullbacks.
The below trade is in line with this week's technical analysis
Bulls should wait for a pullback towards 1.1050. The former resistance now becomes a support and could provide opportunity to enter long positions. This level is also 50% Fib retracement measured between low 2nd March and high 10th March. If market reacts to this level, this would print another higher high.
1.5050 presents as a good buying opportunity for 3 reasons:
- Its a clear support - former resistance.
- It sits between 61.8% and 50% Fib retrecement.
- 10.62 is an exact weekly Pivot Point.
Date: 03/14/2016
Pair: EURUSD
Price: 1.1050
Trade: Buy Limit
Lot Size: 0.03
Stop Loss in Pips: 80
Take profit in pips: 250
Risk of Equity: 2%
ARE THERE MAJOR RISK EVENTS TODAY/THIS WEEK: No
Is the market risk off or on? SP500, DAX, NIKKEI. Are the down or up: Risk On
Is this trade with the trend?: Yes
Did I see it yesterday?: Yes
Is this a pullback measured by Fibs?: Yes
Am I buying support?: Yes
Am I selling resistance?: N/A
Is this entered during London's session?: Not sure. Its a pending order
Did the price pulled back from 200MA on 15Min?: Yes
Are stochs extreme on multi charts?: No
Where is the price in terms of Pivots Points?: Support
Trading in Forex Exchange Market is VERY SPECULATIVE AND HIGHLY RISKY and is not suitable for all members of the general public but only for those investors who: (a) understand and are willing to assume the economic, legal and other risks involved. (b) Taking into account their personal financial circumstances, financial resources, life style and obligations are financially able to assume the loss of their entire investment. (c) Have the knowledge to understand Forex Exchange Market and the underlying assets.
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