EURUSD - Hitching a ride

In the previous article, I mentioned about EURUSD targeting 1.40. In this analysis, we'll see how we could hitch a ride on this short journey.

Keeping the analysis as is and taking cues from the triangle break out, we notice a bit of retracement taking place. The most likely dip could terminate near 1.3776, which incidentally was a past resistance level. This was tested just once more recently and is likely to be tested again, thus providing a good entry.

EURUSD - Renko Charts, Trade Plan

The validation for longs also comes from the trendline confluence with 1.3776 level. So the stops would come in at one and half bricks below at 1.3651. The target of course would be 1.40 and 1.4082.

So taking two positions with the first one closing at 1.4 and the second position moved to BE and targeting 1.4082 from 1.3776 should play out fairly well.