Cup & Handle Setup on EUR/USD

Posted on 18. Jan, 2011 by Moderator in Forex Signals, How To, Random Noise

We are seeing some incredible technical formations these days, but always keep in mind that you want everything to line up before jumping in. Take a look at the picture posted below and you will see a clear Cup & Handle formation on EUR/USD on the one-hour chart. Again, I would not jump right now but wait for some kind of pullback to get in long. But this is close to a perfect formation. However, that is, in itself not enough. In the last post we were looking at a possible good setup on USD/JPY for a bull trade, so I am on the sideline waiting for one of the pair to confirm the setup rather than guessing. We don’t want to be both bull and bear positioned on the USD. So once again guys, the formation sure looks good and from a technical perspective we should see further upside. But keep in mind that USD/JPY equally shows possible upside. Wait for the right time and then make your decision based on some solid reasons. Again this trade setup is based on a longer term time frame, so if you decide to jump in on this one, look for the right stop loss level (hint; 20 pips is likely to be a suicide mission)

Tags: Cup & Handle, EUR/USD, Forex Signals, forex trading, Trading Forex

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Cup & Handle Setup on EUR/USD

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