FXE Successful Retest and Breakout
On the Daily chart we see a beautiful pattern.
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 RSI is in a bullish 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!
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!! 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 RSI 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.
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 RSI is in a bullish 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 RSI 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.
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Twitter:
@BerlinTrader591
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591