EU is stopping and consolidating at 127% extension of previous weekly swing high, the little channel that has been formed during several days has been broken and now we are ready to setup a long position, a conservative approach would be to wait for a better impulsive wave up creating a HH on a smaller TF (H1) and then trade the correction or retest of the consolidation zone.
If retrace happens we could see a pullback to the previous swing low 61% fib retracement.
RR is quite good but we are counter trend trading hoping for the pullback after a sharp move.
If retrace happens we could see a pullback to the previous swing low 61% fib retracement.
RR is quite good but we are counter trend trading hoping for the pullback after a sharp move.