Eur/Usd has a strong zone of support around 1.0949 which has held multiple times in the past.
My conditions for entry are -
If and only If that support (1.0949) is broken and if rsi dips below 30
I will look to enter short
enter at 1.0883
with a stop loss of 1.1023
and a target profit of 1.0610
Conditions for modifications and edits:
I will look to exit half my position at 1.0735 and at the same time bring my stop loss to a break even lvl.
If the trade does not get entered and price clearly starts to bounce off that support (1.0949) I will look for short term trades to buy.
CPI numbers in the following week for both currencies will create at atmosphere of volatility, which can lead to tight stops being taken out and also can lead to many false breakouts on lower time frame charts.
As always- TRADE SMART.
My conditions for entry are -
If and only If that support (1.0949) is broken and if rsi dips below 30
I will look to enter short
enter at 1.0883
with a stop loss of 1.1023
and a target profit of 1.0610
Conditions for modifications and edits:
I will look to exit half my position at 1.0735 and at the same time bring my stop loss to a break even lvl.
If the trade does not get entered and price clearly starts to bounce off that support (1.0949) I will look for short term trades to buy.
CPI numbers in the following week for both currencies will create at atmosphere of volatility, which can lead to tight stops being taken out and also can lead to many false breakouts on lower time frame charts.
As always- TRADE SMART.