EURUSD: Fighting to break the Resistance | January 22, 2017

Eurusd is fighting now with the resistance level. If it can be able to break this level, then we should for buy on this pair for 100-150 pips target. This pair has formed rising wedge pattern as we can see on the chart. Recent momentum of this pair is suggesting for bullish movement on the coming week. So without any bearish candle sell confirmation, we should look for buy on this pair.

Buy trade setup

✦ After breakout of 1.0720 level, we can take buy entry directly.

✦ If big bullish candle formed, then we can wait for retest of 1.0720 level.

✦ TP will be 30-100 pips

✦ SL will be below 1.0700 level

✦ If you get 30 pips profit, then close 50% position of your trade and move your SL on the entry point.

✦ On the other hand, if any rejection sell candle formed on this resistance level, then sell for 50-100 pips target.

✦ For sell SL will be above high candle on the resistance level.


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