Trade Plan (Pending): I am buying EUR/USD at 1.0799
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Trade Plan (Pending): I am buying EUR/USD at 1.0799 DXY (USD Index) - the index continues to lack any clear direction with spikes seen in both directions for the last 8 days. The intraday chart highlights the last sell-off stalling at 102.77. This is the 61.8% Fibonacci level. That would suggest we have scope to build a bullish Gartley pattern at 102.60, with the index currently moving lower within the CD leg. This has resulted in the immediate bias being mildly bearish. EUR basket - the intraday chart highlights the completion of a bullish crab formation close to our support levels at 571-569. I look to buy dips. Correlation studies suggest limited downside pressure for EUR/USD. EUR/USD - holding within an ending wedge pattern. On a break of the trend of lower highs at 1.0912, the measured move target is 1.1000. Bespoke support is located at 1.0799 and 1.0798. I am buying EUR/USD at 1.0799 SL: 1.0755 TP1: 1.1000 Risk/Reward Ratio of 4.7R