EUR/USD Trade Idea 07/15/2024

The 1-hour chart for EUR/USD shows a clear upward channel formation. The price is currently trading near the upper boundary of the channel, which acts as resistance. There are two possible scenarios to consider:

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Jul 15, 2024 - 12:42 Updated: Jul 16, 2024 - 09:49
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EUR/USD Trade Idea 07/15/2024
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Long Trade Setup

  • Entry Point: 0.6750 (after a potential retest of the breakout level)
  • Stop Loss: 0.6700 (below the lower boundary of the ascending channel)
  • Take Profit: 0.6850 (next significant resistance level)

Short Trade Setup (in case of a false breakout)

  • Entry Point: 0.6750 (if the price fails to sustain above this level)
  • Stop Loss: 0.6800 (above the recent highs)
  • Take Profit: 0.6650 (lower boundary of the previous consolidation zone)

Conclusion

The AUD/USD pair is showing strong bullish momentum across multiple timeframes. However, traders should watch for potential retracements and retests of key support levels before entering long positions. The ascending channel provides a clear framework for potential entry and exit points.

07/15/2024