Long or Short: Long
Entry Point: 1.376-1.380
Stop Loss: 1.3715
Profit Target/s:1.420
Reward-to-risk Ratio: 4.7:1
Risk percentage:1%
Indicators used:Andrew’s Pitchfork technique and RSI Divergence
Rationale: For now EURUSD has broken July low (1.383) but its RSI is higher low so this pair forms divergence at 4H time frame. Additional, the third warning Andrew’s pitchfork line is approached then the pair will possibly rebound. However, if technique doesn’t work, we must stop loss at 1.3715. Good luck!
This set up has failed.
Actually it is not a bad idea, I just thing you should wait for some kind of confirmation of reversal. I think to aggressive approach to this kind of market does not pay of.
The technicals are here (I found even more signals in favor of rebound-it reached important support around 1.65 and for example Eur/Jpy is in a s similar situation) but fundamental situation is still freaky for the EU.
Me personally I will wait for the opportunity to sell again around 1.4 or 1.42 even better.
But who knows these are difficult times for all.
Happy trading