EUR/USD Getting Ready For Second Rally [Enter Soon]

A very interesting support and resistance trade set-up here on EUR/USD. The price has seen a tremendous uptrend since the beginning of June, but after a healthy retracement I see new evidence for a rally that brings the price back to at least 1.13 levels again.

This support zone that is the main part of the analysis has not been super strong, but I believe it will be worthy of a trade. The first two times it acted as temporary resistance and support near the beginning of March.

The price did break through on both cases but did slow down both upwards and downwards price momentum. After a break-out on the 3rd of June I now see strong support forming at the 1.12 levels.

I suggest to monetize this support zone by entering a long position here with a stop loss tightly below the bottom of the zone and a take profit slightly below the previous high of the June rally.

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- Trading Guru

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!