EURUSD!! Monthly Trend-line broken

EURUSD!!

Bears are ruling the EURUSD market since 2017 & for the first time since then, we have seen price breaking and trading above the monthly trend-line which in the past has been as a strong resistance. While we have bulls taking in charge early this month of the EURUSD pair, we are keen to find good entry points on lower time frames & also we would like to see the weekly and daily aligning with the monthly chart context & environment.

So let’s have a look at the weekly first and see if we can find some confluence here backing our Bullish idea on this Pair: EURUSD WEEKLY!

Price recently has created a strong base around the 1.0870 – 1.0924 Demand zone and the upward thrust caused the pair to breakout of the key long term dynamic resistance (Weekly/Monthly Trend-line) with no major overhead resistance seen until the 1.1400 handle. We now need to drill down to the daily price action and see if we can find some good entry points with absolute stop placements. So let’s have a look at the daily first and see if we can find some confluence here backing our Bullish idea on this Pair:

EURUSD DAILY!


Drilling down to the daily chart has indeed given us more clarity into recent price momentum and has clued up that current price action is indeed supporting our Bullish bias on this pair. We can see in the daily chart that price has rejected the lower prices and has done a false break of the daily 23% retrace level of the recent swing higher as well as the false break of the daily bullish Trend-line and formed a nice tailed bar rejecting the 150exp and the 8 day ema.
At this point, we have 1:3 R: R available in our idea & we expect the rest can be left on ECB President Lagarde speech at the publisher’s night 2019, in Berlin.

Daily also has given us the entry area from current prices with Stops below the 1.1120 area and can target profits at around the 1.1300 handle & this can net us 1:3 R:R


Trade is active