EURUSD Pullback Long Setup

Jul 12, 2018

EURUSD has almost reached 61.8% retracement of its setup bullish leg. Demand is expected to enter around this area. Limit buy orders at 1.1630, the 61.8% retracement area, and stops around previous low of 1.1528 is the trade setup. The context to the left of the chart is quite bearish, making this a lower probability reversal trade with a decent reward for risk. 2R-3R targets are achievable if buyers prevail here. This trade setup should be approached with caution and strict trade & risk management.