The euro continues following a short-term uptrend. The level of 1.1278 is one of its limits, and traders failed to break it through yesterday. Today, we continue searching for a chance to open long trades in euro according to the pattern. The buying target will be 30 November’s high. For a pattern to form, we need a formation like Double Bottom.
The short-term trend will reverse if the price consolidates below 1.1278. We will then sell the euro with a target in the lower Target Zone 1.1206 – 1.1189.
Trading plan for EURUSD for today:
- Buy according to the pattern from Intermediary Zone 1.1294 – 1.1286.
- TakeProfit: 1.1380.
- StopLoss: According to pattern rules.
- Sell once the price consolidates below 1.1278.
- TakeProfit: Target zone 1.1206 – 1.1189.
- StopLoss: 1.1300.
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