EUR/USD has completed a 5 Wave structure for Minor Wave A (blue) and now showing good signs that it will most likely retrace on the up-side towards Minor Wave B (blue).
Bearish Volumes are picking up and the Bullish Divergence is a good sign for this set-up.
First Resistance has been breached and a good way to trade this move would be to wait for a Flag Formation on the Channel line.
Low Risk – Good Reward – BUY Scenario:
Entry – 1.06300
SL – 1.06100
TP – 1.07040 & 1.07200
Comments ( 2 )
admin
(February 14, 2017)Short Trade stopped out due to very tight SL.
Wave Labeling and Levels Update:
Conservative Entry – 1.05400
SL – 1.04800
TP – 1.07040 & 1.07400
admin
(March 10, 2017)Target partially reached, SL hit in profit, 60% of target reached, profit taken.