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EURUSD – Buy Trade Setup Profits Heavy | May 6
EURUSD – Buy Trade Setups Profits Heavy, Still Bullish (1hr chart)
As we talked about 2 days ago in the daily members commentary and yesterday, we felt the EURUSD scenario was bullish ST and that the support zone and level around 1.1070 would be a great location to get long.
I personally bought the the Euro at 1.1077 and exited today hitting my target just shy of the resistance level at 1.1275 for almost +200 pips on a 24 pip stop for just over +7.5R.
I did not wait for some confirmation price action signal to join the trend. I entered at my trade location and exited at my limit.
Today the pair broke through this key resistance level with strength, and this suggests the next leg is likely bullish, further supported by the small consolidation at the top of the day’s highs.
Weak pullbacks towards 1.1275 are likely, but am expecting bids to maintain control and push for 1.1445. Only a daily close below 1.1075 negates my bullish bias.
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