EURUSD rangebound trade setup

It's been a while since I last posted. Last weekend I re-did the blog layout and design. I will leave it at this and focus on posting my analysis. The aim is still to keep a trading journal-like blog not to have a perfect website.

This week it looks like the EURUSD will be ranging between 1,3200 and 1,3000. It has been between these levels since the 4th of April after falling aggressively from 1,3350.

A pinbar formed on the daily chart touching the 21 EMA. There is still some room to move south before hitting the 1,3200 resistance, so I placed my limit sell at the 68% retracement level of the pinbar i/o the 50% level. An entry at that level (1,3152) will give a possible p/l ratio of 2 to 1. The red line is my stop and the green my take profit.


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