EURUSD: Waiting for breakout | January 20, 2017

EURUSD is now on neutral zone. It is forming rising wedge pattern; so we need to wait for breakout of of this wedge pattern. If this pair can successfully break this wedge pattern, then we need to open buy/sell position according to the breakout direction.

Buy trade setup

★ If this pair breaks upside on 1.0720 level, then open buy position.

★ Buy candle should be strong enough during breakout

★ 1.0620 level can buy limit zone for this pair.

Sell trade setup

★ If this pair breaks downside on 1.0580 level, then open sell position.

★ Sell candle should be strong bearish.

★ If candle close below the wedge pattern, then open sell entry.

Take profit & Stop loss

TP will be 30-100 pips. If you get 30 pips profit with your entry, then close 50% position of your trade and move your SL on the entry point.

SL will be 30-50 pips or for buy SL with be 1.0680, for sell, SL will be 1.0620.


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