EURUSD breakdown - 1.17 level breached, new 2021 US$ high
Earlier this morning in Asian timezone EURUSD broke 1.17 and set new USD high for the year.
1.17 has been an important support level for EUR (resistance for USD) and an extended move is in play should the breakout be confirmed.
I use 30 day ATR as a breakdown filter and generally trade on no shorter than daily timeframes so this note may not be for you but if we have a daily close at 1.166 or lower I believe this sets up a great trade higher in USD (and probably derails some 'risk' markets but that is another note..)
** TRADE IDEA ***
Enter 50% position here (1.169) and another 50% of confirmation of 1.166 break on closing daily timeframe)
Set stop above most recent swing high (16th August was just above 1.18 so, say, 1.182) and target measured move to 1.11
Rationale for trade :
Longer the timeframe, the more reliable the pattern (daily better than 1h, 4h, 30m)
Horizonal borders more reliable than diagonal (support/resistance tends to be in line)
Good luck
1.17 has been an important support level for EUR (resistance for USD) and an extended move is in play should the breakout be confirmed.
I use 30 day ATR as a breakdown filter and generally trade on no shorter than daily timeframes so this note may not be for you but if we have a daily close at 1.166 or lower I believe this sets up a great trade higher in USD (and probably derails some 'risk' markets but that is another note..)
** TRADE IDEA ***
Enter 50% position here (1.169) and another 50% of confirmation of 1.166 break on closing daily timeframe)
Set stop above most recent swing high (16th August was just above 1.18 so, say, 1.182) and target measured move to 1.11
Rationale for trade :
Longer the timeframe, the more reliable the pattern (daily better than 1h, 4h, 30m)
Horizonal borders more reliable than diagonal (support/resistance tends to be in line)
Good luck
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