#EURUSD

▪️ Trade: Buy limit order
▪️ Entry: 1.12109
▪️ Take profit: Open
▪️ Stop loss: 1.11515
▪️ Valid until: Today, 23:50 Moscow time (UTC+3)
Market outlook:
We continue to monitor our EUR/USD setup. Previously, we considered buying from the key support level at 1.11412. Today, we closed the position in full after a large order block formed above the current price, suggesting profit-taking. The decision proved timely, as price is now moving lower in a correction.
Despite the pullback, we continue to favor long entries. Price has established itself above the major level at 1.12067, which now acts as support. For today’s intraday setup, we are placing a buy limit order near that level.
The order is positioned slightly above support to reduce the chance of missing the entry. Be prepared for the position to experience a small temporary drawdown if price moves further into the level before rebounding.
The fundamental backdrop also supports our scenario. As US election results come in, Democrats are gaining seats and the market is increasingly pricing in the possibility that they could take control of Congress. This could constrain the administration’s spending plans and policy agenda, weighing on the dollar.
The US Dollar Index is sitting at 101.395, the level we discussed in Sunday’s market review. Buyers’ stop losses are likely concentrated below it, making the area a potential liquidity target. Meanwhile, oil has fallen toward 103, weakening the case for another Fed rate hike. Strong eurozone economic data also supports the case for the euro.
Risk management:
In line with our trading strategy, the stop loss is placed at 1.11515, below the 1.11412 level. This leaves room for a potential false breakdown while keeping risk defined. A sustained move below that support would materially change the market structure and invalidate our setup.
Targets:
Our first target is 1.13254. An imbalance zone between the entry and this level leaves room for a potential move higher. We plan to take partial profits when price tests 1.13254.
The next target is the 1.13749–1.13777 zone, with potential for a further move above it. For now, the take profit remains open and we will monitor price action. The setup offers good potential and a favorable risk-to-reward ratio.
The order is valid today until 23:50 Moscow time (UTC+3) . Once it is filled, we will provide updates on the position.
The setup meets all the rules of our trading strategy. Let’s stay disciplined, traders. Wishing everyone profitable trading and financial success! 🤝
Trade updates: https://t.me/addlist/1tRFE2bSkE04MWNi