EURUSD | MT Long H4 |Overly Oversold

Pair: EURUSD
Timeframe: H4 - Medium Term (MT)
Direction: Long

Technical Confluences for Trade:
- Stochastics are in Oversold Conditions on D1, H4 and H1 time-frames
- Price action has some support trend-line holding it
- Horizontal trendline looks like a demand zone across the years
- Horizontal trendline (Red) is at the 1% Fib Extension Level
- Aiming for the 32.8% Fibo Retracement with 23.6% as the TP 1 level

Fundamental Confluences for Trade:
- EUR weakness has been mostly been pricing in the expectation that ECB will cut in June and diverge from the FED. Currently, priced in.
- Risk is further war escalation from the Israel-Iran tension

Suggested Trade:
Entry @ Area of Interest 1.0620 - 1.0650
SL @ 1.0589
TP 1 @ 1.0698 (Close Half-Position & move SL to Entry level once TP1 is achieved)
TP 2 @ 1.0758
Risk-to-Reward @ Approx. 2.44 (Depending on Entry Level)


May the pips move in our favor! Good luck! :D

*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and am not responsible for any losses derived from it.

Kommentera:

The Horizontal Trendline (Demand Zone) is holding on at the moment. Good entry levels if you have yet to enter. SL levels remain.

Kommentera:

Price was close to TP1 levels; you can still TP half the position size and move your SL levels to Breakeven levels.

Kommentera:

TP 2 achieved.

Enjoy the gains! Look forward to the next trade.

:D