Eurusd has lost its bullish power as a result of it failed to break important resistance level at 1.0670. Now this pair is staying below this resistance level. So we need to stay on sell mode below this resistance level. If break, then we can go for buy entry on eurusd.
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Buy trade setup
If you find this pair near to 1.0490 level and formed bullish reversal pattern, then place buy order
Bullish reversal pattern can be pin bar, bullish engulfing, strong rejection candle
After forming price action reversal candle, open long position
If this pair break 1.0670 level, then place buy order. Remember one thing, need to wait for successful breakout of 1.0670 level on h4 time frame.
Sell trade setup
If this pair failed to break this resistance level and formed bearish reversal candle, then place sell order
Bearish reversal candle can be bearish engulfing, pin bar, evening star etc
You can look at H1 time frame to find reversal pattern for day trading
Take profit & Stop loss
TP will be 30-100 pips. If you get 30 pips profit, then close 50% position of your trade and move your SL on the entry point.
SL will be 30-50 pips. Always follow money management rules during trading.
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