The #EURUSD pair is currently showing a significant Change of Character, as highlighted by the emergence of a Green buy chart indicating a potential shift in market sentiment. This change is further reinforced by the presence of a swing low in the price cycle, suggesting a possible reversal in the prevailing trend.
Traders are advised to exercise caution and closely monitor the price action for a break of the trend line, which would serve as a confirmation signal for initiating a long position. By waiting for this confirmation, traders can reduce the risk of entering the market prematurely and increase the probability of a successful trade.
Once the trend line is breached, traders can consider establishing a long position with a target price of 1.1250 in the coming days. This target level represents a key resistance area where price may encounter selling pressure, so it is important to monitor the trade closely and consider implementing proper risk management strategies to protect capital.
Overall, the current setup in the #EURUSD pair presents an opportunity for traders to capitalize on the Change of Character in the market and potentially profit from a bullish move towards the target level of 1.1250. By exercising patience and discipline in their trading approach, traders can position themselves advantageously to take advantage of this evolving market scenario.
Chris
Head Coach & Trader for over 30 years
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