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EUR/USD| Long-term Bullish continuation

EUR/USD Long-Term Trend: Bullish

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Key Resistance Levels: 1.13413, 1.13518, 1.13602

Key Support Levels: 1.13090, 1.13023, 1.12860

4-Hour Chart:

We made an attempt at breaking out of the long term wedge but failed and fell back inside of the wedge. However, since then we have again tested the resistance line and failed again, but the market still looks determined to push upwards and break out. Can a 3rd attempt at a breakout be successful?

EUR/USD Medium-Term Trend: Bullish

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1-Hour Chart:

We made an attempt at breaking out but found a wall of sellers at the diagonal resistance trend line. Since then, we have pulled back 50-61.8% of the move. If buyers come back in and keep us from chasing the diagonal support line, we may see another test for a bullish breakout.

Signal Idea:

Buy Limit Order @ 1.13117

TP 1 @ 1.13846

TP 2 @ 1.14181

Stop Loss @ 1.12847

Trade Safely 🙂

About Patrick Mwenge

A chartered accountant and trader, Patrick has 7 years of financial market experience, covering commodities,FX, equities as well as crypto currencies. Patrick leverages both long term Elliot wave analysis alongside volume and time price opportunity to explore trading opportunities on both long and short term timeframes.

One comment

  1. I have a simple question. I wanna get better understanding when placing a trade with the price, when to start en when to stop.. with diferente explanation.

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