On May 10, there was a break (candle close of 1.18738) of the downward diagonal channel of EURUSD which started about a month ago (April 17). There is a new uptrend which started last May 9 and confirmed by a new higher low and higher high (May 10). As I am expecting that new trend continues, I am looking a for a long opportunity with an aggressive buy limit at 1.19105 (Fibonacci retracement of 61.8 from the recent swing low to swing high). The stop loss is placed at 1.18700 (just below the left double bottom) while take profit levels are at the recent swing high (1.19680) and 38.2 Fibonacci retracement of the downward diagnonal channel (1.20483). I am placing an expiration for this pending order if not triggered within this coming week.
Trade Setup: Trend Continuation
Price Entry 1.19105
SL 1.18700 | SL pips 40.5
TP1 1.1968 | TP1 pips 57.5
TP2 1.20483 | TP2 pips 137.8
RRR1: 1.42 | RRR2: 3.40
Trade Setup: Trend Continuation
Price Entry 1.19105
SL 1.18700 | SL pips 40.5
TP1 1.1968 | TP1 pips 57.5
TP2 1.20483 | TP2 pips 137.8
RRR1: 1.42 | RRR2: 3.40