THE FIBER AT A GLANCE | EURUSD

We recently closed our last trade on this pair with 125pips profit (see link below for reference purposes). See plans below

TRADE I
Tendency: Temporary Downtrend (Bearish)
Structure: Rising Wedge
Observation: i. Wedge pattern represented by a trend line caught between two upwardly slanted lines of support and resistance.
ii. Converging trendline (indicated on chart with the golden range)with the expectation of a breakout movement in the direction as the impulse leg might be a good reason to execute a short trade.
iii. Sharp rejection of 1.11500 zone incites correction move.
iv. CD is a 1.618 approximate extension of AB.
v. Price below Moving Averages on lower time frames.
Trading Plan: SELL


TRADE II
Tendency: Uptrend (Bullish)
Structure: Breakout
Observation: i. Breakout of 1.11500 zone with a close above on lower time frame suggests an uptrend continuation.
ii. Anticipating a BAT formation after a 618 correction of AB.
iii. Price breaking through Moving Averages.
Trading Plan: BUY at the completion of correction.

Specifics coming up soon, stay tuned to this space or channel for updates.

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