EURUSD has been on a downtrend and there is a possible bearish cypher nearing its completion. As I am expecting the downtrend to continue and with confirmation of the bearish bias, I will go short at 1.15246. Stop loss is just above the X point and the take profit target is set at the 61.8 Fibonacci retracement level of the CD leg. Tentative details are as follows:
Trade Setup: Possible Bearish Cypher
Price Entry 1.15246
SL 1.15599 | SL pips 35.3
TP2 1.14675 | TP2 pips 57.1
RRR2 1.62
Trade Setup: Possible Bearish Cypher
Price Entry 1.15246
SL 1.15599 | SL pips 35.3
TP2 1.14675 | TP2 pips 57.1
RRR2 1.62