The euro is trading up in the short term with a target in the Gold Zone 1.1147 – 1.1137. Last week, the price corrected to support (А) 1.0985 – 1.0975, which was retained. So, quotes grew on Friday.
Today, the growth continues, and traders attempt to steady above 5 May’s high. If they succeed, we’ll have a pattern to buy, and we’ll be able to open a long position with a target at 4 May’s high. If they fail, the price can be expected to drop and update 5 May’s low.
In the latter case, the price can correct to support (В) 1.0932 – 1.0916. Once support (B) is tested, we’ll search for an opportunity to buy as well.
Trading plan for EURUSD for today:
- Buy according to the pattern from support (А) 1.0985 – 1.0975.
TakeProfit: 1.1090.
StopLoss: according to pattern rules. - Buy according to the pattern from support (В) 1.0932 – 1.0916.
TakeProfit: 1.1090.
StopLoss: according to pattern rules.
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