EURUSD has started to show weakness in its bearish momentum so i think going long for the short-mid term is a good idea. The pair has formed a flag which if broken, is one way to trade to go long or alternatively we will be looking to buy dips. As long as the price trades above 1.1160 this two scenarios are valid.
Technical Overview:
D1 – 20 Candles Ride on the Bollinger Bands
H1 – flag pattern
Entry:
Scenario 1: Look for the break of the H1 flag and wait for re-test of the broken line to confirm the break. Then go ahead and buy
Target 1: 1.1500
Target 2: 1.1630
Stop Loss: below the broken trend line and closest support
Scenario 2: Wait for the price to drop a bit lower (not lower than 1.1160) and on the H1 chart or the M15 chart look for bullish divergence in order to go long.
Target 1: 1.1360
Target 2: 1.1500
Stop Loss: below last low created
Video Explanation
Yours,
Vladimir
