EUR/USD: Profitable Trading Tactics

Key Observations:
Current Price: 1.06413 USD

Significant Levels:

Order Block (OB): 1.06413 USD

Resistance: 1.05529628 USD

Support: 1.06413 USD

Technical Indicators:

Volume Profile: High trading activity around 1.06413 USD

Relative Strength Index (RSI): Currently around 46.95, suggesting neutral conditions

MACD (Moving Average Convergence Divergence): Shows a bearish momentum with the MACD line crossing below the signal line

Fibonacci Retracement Levels:

0.618: 1.05413264 USD

0.705: 1.05473090 USD

0.786: 1.05529628 USD

Buy Strategy:
Entry Point:

Consider entering a buy position if the price retraces to the support level around 1.06413 USD or the lower Fibonacci levels (0.618 or 0.786).

Confirmation:

Look for bullish candlestick patterns (e.g., hammer, bullish engulfing) and a bounce from the support level.

Ensure the RSI is not in the overbought zone and the MACD shows a bullish crossover.

Target:

Set the target around the resistance level at 1.05529628 USD or higher Fibonacci levels.

Stop Loss:

Place a stop loss below the support level or the recent swing low.

Sell Strategy:
Entry Point:

Consider entering a sell position if the price reaches the resistance level around 1.05529628 USD and shows signs of reversal.

Confirmation:

Look for bearish candlestick patterns (e.g., shooting star, bearish engulfing) and a rejection from the resistance level.

Ensure the RSI is in the overbought zone and the MACD shows a bearish crossover.

Target:

Set the target around the support level at 1.06413 USD or lower Fibonacci levels.

Stop Loss:

Place a stop loss above the resistance level or the recent swing high.

By following these strategies and confirmations, you can make informed decisions based on the observed chart patterns and technical indicators. Happy trading!