EURUSD seems to keep on moving on support and resistance.
On the 1-hour chart of EUR/USD, we can see that the currency pair has been trading in a range-bound fashion, with price action oscillating between key levels of support and resistance. This presents an opportunity for traders to enter and exit positions based on these levels.
As you have mentioned, there is a strong support level on the 4-hour chart of EUR/USD at 1.05350. This level has held up well in the past and is likely to provide a significant level of support once again. Therefore, we can look for potential long trade signals when the price approaches this level.
Our entry point will be at 1.05350 with a stop loss at 1.04712, which is below the recent swing low. This provides us with a risk of 0.00638 or 63.8 pips. We will aim for a take profit target of 1.06490, which is the recent resistance level on the 1-hour chart. This provides us with a reward of 0.01140 or 114 pips. Thus, our risk-reward ratio is 1:2.43, which is a favourable ratio.
To summarize, we can look for long trade signals on EUR/USD at the strong support level of 1.05350, with a stop loss at 1.04712 and a take profit target at 1.06490. This provides us with a favorable risk-reward ratio of 1:2.43. However, it's important to keep in mind that trading always carries a risk, and it's essential to have a solid risk management plan in place.
As you have mentioned, there is a strong support level on the 4-hour chart of EUR/USD at 1.05350. This level has held up well in the past and is likely to provide a significant level of support once again. Therefore, we can look for potential long trade signals when the price approaches this level.
Our entry point will be at 1.05350 with a stop loss at 1.04712, which is below the recent swing low. This provides us with a risk of 0.00638 or 63.8 pips. We will aim for a take profit target of 1.06490, which is the recent resistance level on the 1-hour chart. This provides us with a reward of 0.01140 or 114 pips. Thus, our risk-reward ratio is 1:2.43, which is a favourable ratio.
To summarize, we can look for long trade signals on EUR/USD at the strong support level of 1.05350, with a stop loss at 1.04712 and a take profit target at 1.06490. This provides us with a favorable risk-reward ratio of 1:2.43. However, it's important to keep in mind that trading always carries a risk, and it's essential to have a solid risk management plan in place.
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