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I was out the whole day, so I did not manage to catch a nice move by EURUSD today.....Price broke out of the downtrend channel and it actually shot back down after reaching point B but a white bullish candle soon followed the black bearish candle ( Bullish Engulfing Candlestick pattern) and this shows that support is very strong for EURUSD at the region.
This to me means a BUY signal. If I was monitoring this pair, I would have definitely entered into it but I was not......Anyway, using Gartley AB=CD, price target of EURUSD will be at E161.8% since it retraced to Fibo 61.8%.
As you can see from the chart, this will be a trade whereby if you risked x, you could have gotten back 2x. Let's see how EURUSD moves from here.
TP = Take Profit
SL = Stop Loss
EP = Entry Price
I was out the whole day, so I did not manage to catch a nice move by EURUSD today.....Price broke out of the downtrend channel and it actually shot back down after reaching point B but a white bullish candle soon followed the black bearish candle ( Bullish Engulfing Candlestick pattern) and this shows that support is very strong for EURUSD at the region.
This to me means a BUY signal. If I was monitoring this pair, I would have definitely entered into it but I was not......Anyway, using Gartley AB=CD, price target of EURUSD will be at E161.8% since it retraced to Fibo 61.8%.
As you can see from the chart, this will be a trade whereby if you risked x, you could have gotten back 2x. Let's see how EURUSD moves from here.
TP = Take Profit
SL = Stop Loss
EP = Entry Price