Trade Recommendation: EURUSD

A continuation pattern is setting up for the Euro Currency (EURUSD) as we head into the start of the week. The bias remains to the buy side with the Daily Pivot Range well below our current level. Mixed in with the DPR is the 3 Day and 6 Day Rolling Pivot Ranges which is a good Pivot Stack support level.

The Daily Pivot Moving Averages are turned upward and steep coming off a flat period last week. 

The action to take is to buy if the price trades at or above the ‘A” up line for 15 consecutive minutes, and place the stop loss at the Opening Range low if triggered.

Place the profit targets as stated, which are at are just through the Monthly Pivot Range levels (dark green and black dots). 

Entry Price: 1.16743
Stop Loss: 1.16410
Profit Targets:
First profit target 1.17350. Second profit target 1.17580.
Once price reaches the first profit target bring the stop loss to breakeven (entry price).

Disclaimer: Disclaimer: The writer has no positions in the forex markets but does engage in short-term trading of forex and futures.

Featured image courtesy of Shutterstock.

I am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.