Daily Kumo Cloud blocked the bearish move, and other indicators show pretty obviously that EUR strength against USD is back. Theoretically on the 4 Hrs trading time frame the buy entry setup looks like this: Limit Buy 1,3765 OCO Stop Buy 1,3810.
There was already a higher probability for the Long yesterday in the early European trading hours, when the cross moved above 1,3745-50. The 4 Hrs Ichimoku setup was already weak bullish, supported by the daily indicators and also 1 Hr gave a full bullish buy signal there. Frankly speaking I missed this buy opportunity yesterday. Since I don't know how big the upside will be on longs, I would rather not chase it and go long with a 1,3810 stop buy, but would try to catch a pullback.
If the pullback happens earlier, then 1,3760 +/- area is gonna be a good risk/reard buy level. If it breaks higher a pull back will happen later, so we'll still have chance to buy it ard 1,3800 +/-, but by then the bullish setup will be more firm and you can place a higher stop for the long position. As you see, trading is always about measuring probabilities, risk/reward and patience.
There was already a higher probability for the Long yesterday in the early European trading hours, when the cross moved above 1,3745-50. The 4 Hrs Ichimoku setup was already weak bullish, supported by the daily indicators and also 1 Hr gave a full bullish buy signal there. Frankly speaking I missed this buy opportunity yesterday. Since I don't know how big the upside will be on longs, I would rather not chase it and go long with a 1,3810 stop buy, but would try to catch a pullback.
If the pullback happens earlier, then 1,3760 +/- area is gonna be a good risk/reard buy level. If it breaks higher a pull back will happen later, so we'll still have chance to buy it ard 1,3800 +/-, but by then the bullish setup will be more firm and you can place a higher stop for the long position. As you see, trading is always about measuring probabilities, risk/reward and patience.