EURUSD 🗝️ LEVELS TO 👀 AND WHY🤔

7 may

Hello Awesome Traders!

I trust you're having a fantastic trading week so far. Let's dive into an exciting opportunity presented by EURUSD on its 1-hour chart. This setup is worth exploring as it offers potential for profitable trades.



EURUSD has formed symmetrical AB = CD legs, indicating a potential continuation or reversal pattern.

Time and Price Similarities:

Observing similarities in both time and price movements adds further confirmation to the pattern formation.

Support Level: The price has found support around the 1.07545 level, reinforcing the bullish bias.

Key Levels:

Support: The 1.07545 level serves as a crucial support level, validating the bullish outlook.

Targets:

Consider targeting the 127% Fibonacci extension level of the CD leg at 1.08297 and the 162% Fibonacci extension level at 1.08518 for potential bullish price targets.

Trading Strategy:

Long Opportunities:

Traders may consider long positions, anticipating a bullish continuation based on the symmetrical AB = CD pattern and support level confluence.

Entry Point:

Wait for confirmation of bullish momentum, such as a candlestick close above the recent swing high or a breakout above a key resistance level.

Stop-Loss Placement: Place stop-loss orders below the recent swing low or the support level to manage risk effectively.

Target Zones:

Target the Fibonacci extension levels mentioned above, adjusting position sizing and profit-taking strategies accordingly.