EUR/USD falling wedge setup as a backup action [Video]
|In the H4 timeframe, EUR/USD broke out from the falling wedge pattern and currently testing the supply zone at 1.168. It could potentially rally higher to test the resistance near 1.175 as a backup action before a impulsive down swing. The detail explanation for the falling wedge long setup based on the reversal and the breakout strategy are outlined in the video below (timestamp starts: 12:08) using S&P 500 futures as a case study:
Below are the key parameters for EUR/USD potential long setup for trading session on 29 Sep 2020, with a potential reward to risk ratio of 1.
Entry: long stop order at 1.169
Stop loss: 1.163
Take profit: 1.175
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