I have entered a long position on EUR/USD following a confirmed breakout and close above the descending trendline and recent horizontal resistance on the 4-hour timeframe. After the breakout, price pulled back and formed a bullish 4H candle that closed above the new support, validating the continuation setup.
Entry: 1.10200 (Pullback confirmation after breakout)
Stop Loss: 1.08800 (Below recent structure support)
Risk Management Level: 1.11800 (Move SL to BE once TP1 is hit)
Target Levels:
TP1: 1.11800 – Moving SL to BE at this point to manage risk
TP2: 1.13700
TP3: 1.16500
Trade Rationale:
The 4H breakout above both trendline and horizontal resistance confirms bullish intent, followed by a clean retest.
Weekly chart also shows a significant breakout above a long-term descending trendline dating back to 2008 — a major structural shift.
Risk is managed with a stop below recent consolidation lows, allowing room for healthy price movement.
Targets are based on key HTF resistance zones and previous price reaction levels.
Entry: 1.10200 (Pullback confirmation after breakout)
Stop Loss: 1.08800 (Below recent structure support)
Risk Management Level: 1.11800 (Move SL to BE once TP1 is hit)
Target Levels:
TP1: 1.11800 – Moving SL to BE at this point to manage risk
TP2: 1.13700
TP3: 1.16500
Trade Rationale:
The 4H breakout above both trendline and horizontal resistance confirms bullish intent, followed by a clean retest.
Weekly chart also shows a significant breakout above a long-term descending trendline dating back to 2008 — a major structural shift.
Risk is managed with a stop below recent consolidation lows, allowing room for healthy price movement.
Targets are based on key HTF resistance zones and previous price reaction levels.
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