Time Frame: 1HR.
Moving Averages: 25EMA, 50SMA, 180SMA at close.
Support and Resistance lines drawn on 1HR time frames.
Fin Channel drawn on daily chart and is used to give indication of possible retracement areas on trend. Overview
D1 Demand zone was well respected where buyers entered the market and pushed the FX:EURUSD rate up. It respected the 180 SMA where it gave signs of retracement. Waiting for it to retrace to support area 1.1815 where I will enter a buy order. Entry: 1.1815
SL: 1.1760 (below 1.1780 support)
Quick TP1: 20 pips to lock in profits and move SL break even + 2 pips
1-2 day holding TP2: 1.870