EURUSD: Approaching support area at 1.1325-35

EURUSD continued its downtrend after the downward breakout of the sideways formation and now it is approaching the first important support area for today at 1.1325-35 area. As we can see in the chart, the downward channel and S1 Pivot provide technical support at these levels and a bounce is very likely. Below 1.1330 lies 1.1290-00 where 61.8% retracement is completed (March 20 low - Jan 21 high).
We will try BUY positions at 1.1330-35 adding more at 1.1300. We will set our stops below 1.1275 targeting 1.1360-65 and 1.1390-00 which will be our main target.
As we are contrary to the ongoing trend, we will keep our positions small...

Kommentera:

Price met the S1 Pivot and our entry orders were triggered... Initial target 1.1360-65...