LONG on EURUSD with Double Bottom on 1hr with CYPHER
As mentioned previously, we have now completed the bullish cypher on EURUSD and as such have two targets, the 38.2 and 61.8.
If missed initial entry or after a more conservative entry, we have a Double Bottom forming which may lead to a LONG opportunity with valid P/L at the 61.8 retracement.
Issues may include, breaking structure and lack of RSI divergence for Double Bottom, and also psychological number.
May be possible to wait for a 2618 for higher or once structure had been broken at 1.09 even.
Interested to see how this pans out for larger pattern trade potential.
Thoughts?
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