Trading Scenario: As we look into price action yesterday, EURUSD broke out of key level 1.3100 which is now heading to hit 1.3300 level as next stop. Finally we have seen that break out of 1.3100 and price making a new high of 1.3195. EURUSD is still traveling in bullish channel and made a higher high and higher low as a significant sign of bullishness still in place. 1.3100 indeed gave a tough time for EURUSD bulls, but finally bulls leads the race.
Now EURUSD has a significant support at 1.3100 level. Our scenario on EURUSD is to wait for the price to pull back to 1.3110 levels to give us a good risk to reward trade.
Today our scenario is to go long around 1.3110 to 1.3140 range targeting 1.3200 & 1.3300.
Entry Strategy: Buying dips in an uptrend at support levels while market trade above our weekly trend reversal level which is at 1.2870.
Trade Suggestion: Go long around 1.3110 to 1.3040 targeting 1.3200, 1.3250 and 1.3300.
Trend Direction: Bullish
Trend Reversal Level: 1.2870
Key Support Levels: 1.3100, 1.3040, 1.3000, 1.2950
Key Resistance Levels: 1.3100, 1.3225, 1.3303