Hello everyone! I'm back with another trading opportunity. I was pretty disappointed with the previous trades and today I might have something really good for all of us. Right now I'm checking the EURUSD pair. So first, let's check my technical analysis for this pair

Hello everyone! I'm back with another trading opportunity. I was pretty disappointed with the previous trades and today I might have something really good for all of us. Right now I'm checking the EURUSD pair. So first, let's check my technical analysis for this pair

If you use MACD or Stochastic, you will see there is a clear bullish divergence. We all know the price has been moving down but we know that in some point the price will bounce back up. The price is now near a support area, around 1.0620. 1.0620 level is also a 61.8 fibo level. This bullish divergence could be our signal to go long.

trading

Also, a morning star doji candlestick pattern is emerging, and this is a highly reliable candlestick pattern for bullish reversal.

Of course there is still a possibility for the price to keep moving down, but I prefer to put a Buy position this time.

  • Position: BUY (wait for confirmations)
  • SL & TP: around 1.0600 & 1.0750
  • Confirmation: I will wait for the Stochastic to crossover and slope upward, and I will also wait for the morning star doji pattern to form completely. It will be much better if the MACD histogram closes higher.

I hope this helps!

 

Good Luck, Happy trading!
RICO FY