Trade Setup & Parameters

Bias: Long

Entry Price: 1.09323 (Breakout above resistance zone)

Stop Loss: 1.08943 (Below key resistance flip line / entry consolidation)

Take Profit: 1.10330 (Target aligning with ascending expansion line)

Risk/Reward Ratio: ~2.6:1

Technical Breakdown

Impulse Wave Completion: The 4-hour chart demonstrates a complete 5-wave bullish impulse sequence, terminating at the peak labeled Wave (5) near 1.0930.

ABC Correction Completion: Price underwent an expanded ABC correction, bottoming out at Wave (C) within the lower support zone around 1.0820–1.0840 before buyers stepped in aggressively.

Resistance Breakout: After a prolonged accumulation period below the upper resistance zone (1.0900–1.0930), price has cleared supply with a strong bullish candle pushing through the level.

Bullish Outlook: The setup favors continuation along the primary ascending trendline toward the 1.1033 target area, provided price holds above the 1.0894 invalidation level.