EUR vs USD Kumo Breakout

٣ يونيو ٢٠١٥

Looking at the EUR vs USD on the H4 we see price pulled back to Tenkan after a false Kumo Breakout. Price was out of equilibrium as it went too far away from Kijun. Price has since pulled back to Tenkan and has formed a H4 hammer showing Tenkan support. Once price violates the Kumo I am looking for price to continue higher based off of the structure of the market breaking bullish fractals. Until the market proves otherwise we remain with the structure! I am entering this trade at the break of the Kumo with a SL at 1.10273 and target of 1.13578. I get my target from the 1 to 1 market ratio of the fib expansion. There is strong resistance prior to the target at 1.2306 and 1.12877 so be aware of this resistance zone. Good luck and God bless!