The 113 level on FXE ( EURO ) has been resistance since 2015.
We've tested that area 5 times. Finally in July, we broke though, came back and retested, and now we are bouncing off of that level.
A beautiful pattern here. The base since 2015 has been forming for 2 years, so this looks like an amazing opportunity to get long the EURO via FXE .
Momentum in the is in a range (over 50) and it hit oversold territory in both April and July. That is NOT a bad sign, that is a GOOD sign that there are more buyers than sellers.
Target: 120, 161.8% retracement of 2016-2017 high to low
Stop: 112, under the 113 breakout level
Reward to Risk: 7:1, Amazing!
!! PM me with any questions about my analysis !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections + measured moves
Successful trading means proper risk sizing and trading small so you can stay in the game.
Sign up to TradingView charts:
Sign up for TastyWorks - The Best and Safest Broker