Good evening Forex Kings,
A nice quick win this morning on the NZDUSD. We decided to close early due to the RBNZ press conference. This could have caused an increase in volatility. Well done to those who benefited from the entry orders.
We are now turning our attention to the EURUSD as there has been a major double bottom.
Trading doesn’t get more basic than this set up, a major double bottom on the daily charts generally results in a retracement.
There is also a falling wedge signalling a potential reversal.
EURUSD – Daily Charts
The 61.8% FIB retracement can act as an initial target at 1.0970.
Trade Setup: BUY EURUSD (Market Order 1.0917)- Stop loss 1.0860 and take profit target 1.0970.
Stop loss: 57 Pips
Take Profit: 63 (we may extend later)