Hi Traders! We have EURUSD intraday buy opportunity forming at the moment. A detailed analysis of this setup is as follows:
EURUSD H4 Chart:
On the H4 chart the price has created double wave down and currently the second leg of this double wave is nearing the 161.8 fibo extension level of the first leg. This is a critical zone as the 161.8 fibo level coincides with the uptrend line and also we have a good action zone (which acts as a good support level) on the same area. If the price reverse from this critical zone then we can go long with the breakout of the downtrend line.
EURUSD H1 Chart:
On the H1 chart price has created a triple cycle and if it manages to move lower further then it will form a special cycle for us. If the price creates that last leg with bullish divergence and reaches the critical zone, we may then consider this as a confirmation for the bullish momentum. We can then start looking for buys with the breakout of the downtrend line.
If you want to be more aggressive then once we get the last leg with bullish divergence, mark the most recent downtrend line and go long with the trend line break. In this way this setup will provide you a better risk reward ratio.
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