EURO ($EURUSD) | Long Euro đ¶ into the Central Bank Meeting?
đȘđș The fate of the EURUSD may lay in the hands of the European Central Bank (ECB) meeting taking place on June 4th. Although there shouldn't be any major surprises, and the pair has rallied into the event, things could really go either way. Our idea here isn't dependent on forecasting what will unfold at the meeting, rather our play is based on the chart.
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1. Fractal Trend is showing an uptrend (Navy colored bars) on the 4-hour timeframe. This is true despite EURUSD being in a major downtrend since 2008.
2. With this strategy, we are looking for long setups in an uptrend and as such want to enter long on retests of bullish order blocks plotted by Orderblock Mapping (Navy colored lines) and/or bullish S/R levels plotted by Directional Bias (Navy colored lines).
3. The play here is to buy the S1 range after pullback from R1. Our target is R2, and with our stop just below S1 it gives us a very favorable R:R.
4. Although S2 may provide support if we go lower, there really isn't much to the trade beyond that. We are hoping for bullish continuation into and following the June 4th meeting. If we don't get it, we will reassess.
Good luck EURO bulls!
www.dailyfx.com/fore...ank-ECB-Meeting.html
âš Drop a comment asking for an update, we do NEW setups every day! âš
Like, Comment & Follow to help the community grow đđ
---
1. Fractal Trend is showing an uptrend (Navy colored bars) on the 4-hour timeframe. This is true despite EURUSD being in a major downtrend since 2008.
2. With this strategy, we are looking for long setups in an uptrend and as such want to enter long on retests of bullish order blocks plotted by Orderblock Mapping (Navy colored lines) and/or bullish S/R levels plotted by Directional Bias (Navy colored lines).
3. The play here is to buy the S1 range after pullback from R1. Our target is R2, and with our stop just below S1 it gives us a very favorable R:R.
4. Although S2 may provide support if we go lower, there really isn't much to the trade beyond that. We are hoping for bullish continuation into and following the June 4th meeting. If we don't get it, we will reassess.
Good luck EURO bulls!
Kommentera:
Here are our R1 and R2 for reference:
Kommentera:
Trade closed. Sadly we were a bit low and missed our fill, but glad to see we were thinking like the market.
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