EUR/USD trading idea 03/10/2018

This week the EUR/USD pair closed at 1.2303, there was a good buying pressure at the beginning of the week, but at the end the pair lost some steam and the bears closed the week with a doji bear candle. Looking at the daily and weekly charts, the  price is over the Ichimoku cloud and the 200 MA as well. This indicate us that the trend is bullish, but there is more pressure from the bears. On the daily chart we can also see a lower high, so I expect some bearish movement next week, but still am looking for a call position, since the price is over the Ichimoku  cloud and 200 MA.

For determination of the entry point I will use the weekly pivot points on the daily chart.

R2 R1 PP S1 S2
midpoint midpoint midpoint midpoint midpoint midpoint
1.2605 1.2516 1.2463 1.241 1.2374 1.2339 1.2286 1.2233 1.2198 1.2162 1.2074

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Currently the price is a little below the main pivot point and for me this is the buying zone, when the overall trend is bullish but the price is below the PP. But lets see for a better entry point. Looking at the S1 and R1 from the monthly pivot points at the daily chart, both of the levels were acting as a support and resistance and should be a good entry points. I personal prefer to open a position at S1 - 1.2233 and my target will be 1.2339. My stop loss will be placed at S2 - 1.2162.  Of course R1 and PP should be good entry points as well and the exits could be the next pivot points. 

Please note that this is my view of the market and you should risk responsibly.