The price has fallen halfway through a major falling trend channel based on D1 chart and is currently supported within a key support zone, signaling for a retracement before further depreciation.
In M15 chart, a crab was formed at the bottom of the key support zone at 1.0964, signaling for the price to gain and rebound, and made its major retracement within the major falling trend channel.
There is fresh news to show any sign of the direction of both the Euro and the dollar. Generally, the dollar will still be slightly stronger based on monetary policy stance that the Fed is moving towards raising interest rate. But before dollar strengthens any further it is bound to retrace at some point and now is the point based on the technical chart.
Long at half-risk as price has already rebounded off by 30 pips since it formed a crab at FR127.2%, expecting that the price may start to pull back soon for a better entry price.
First TP level is seen at 1.1037, FR78.6%, followed by 1.1057, FR100%.
Final TP level will be 1.1114, FR161.8%, within the key support turned resistance zone, where price is expected to complete its major retracement and resume depreciation within a major falling trend channel.
Full Exit as price got resisted at FR61.8%.
Waiting for a retracement to re-enter with better entry price.
Result: Gain 0.5%
There was a sideways consolidation just before the price resumes depreciation. I waited patiently and ignore the noise even though I kept seeing the price going along and against me over and over again.
Always stick to my trading plan. The risk has been decided so there is nothing to be fear of.