Even though recent action has been bearish I am still looking at a bullish case for the pair. I really like this recent bounce off the previous neckline and current candle printed on the 4 hour, in my opinion this is a great chance for a long with wonderful R to R having a stop with a little breathing room under the 4hr candle. I think if anything we can at least test the underside of broken pattern. If you look a littler closer there is also a potential Inverse head and shoulders building on the larger scale of things. Obviously it does count until it is confirmed but its good to be aware of regardless. Provided this position does not work out I will look to enter off a bounce on the next trendline down which is longer term and should be good for a scalp at the very least with some of the best R to R you can ask for. The inverse would also still be valid until that area is broken fully.
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as you can see i have 2 positions on EA from this level as listed on my chart. I just closed on position on the last hourly candle for 92 pips. Will let the other run for now with stop at +5
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2nd position still running strong.
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Even though my 2nd position is about to hit my target already I think I will only close half of it and see if i can catch a larger break on the descending long term trend just past my target area.
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both targets hit perfect. Letting half a position run. Would like to see a break higher