Trade # 13: EUR/USD Long

I am going long EUR/USD @ 1.5908, stop @ 1.5870. My target is above 1.6018.

The 4hr chart above shows that Wave3 from 1.5283 could be underway, while Wave-iii of Wave3 is unfolding. Price broke out above 1.5908, so I am buying the retracement.

I also like that SSI positioning is extreme: 73% of retail traders are short. In addition, commerical hedgers' positioning has reached extremely long on the Euro and short on the US Dollar index. This should support prices.

If prices do fall from here and stop me out, I will consider it another buying opportunity.

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