EURUSD – BUY – 12th February

EURUSD – BUY – 12th February (Closed)

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)

Trade Setup
BUY

Entry
1.0917

Take Profit
1.0970

Stop Loss
1.0860