EUR/USD Poised for a Breakout? 4H Chart Buy Strategy!

Hey traders, here’s the scoop on EUR/USD:

✅ Entry: We’re watching a potential bullish breakout. The price is currently testing the 4-hour resistance around 1.0740, sitting right at the 21 EMA (yellow line at 1.0737). A strong close above this level could signal a potential move higher.

❌ Stop Loss: To manage risk, place a stop loss just below the recent support level around 1.0730, ensuring we're out if the breakout doesn't hold.

🎯 Target 1: The first profit target can be set near the next resistance level at 1.0770, offering a reasonable risk-reward from our entry point.

🎯 Target 2: If the momentum remains strong, consider extending the take profit to the upper resistance at 1.0800, following the trend's strength and overall market sentiment.

Monitor price action closely near these critical levels for any signs of reversal, and as always, adjust your strategy based on real-time market conditions. Let’s catch these moves and trade smart!