Could be a good entry for a long position. This is on the 4hr chart of the EURUSD pair. Might be setting up for a "W" and a pull back (RSI bottomed out). If not a "W" then maybe a bear flag. Either way, I'd say it is a fairly low risk entry with a target around 1.2975 and stops near lows (I don't set my stops and leave them; I enter and exit as things improve or hurt my advantage...but in general a stop around 1.29 would be good in that if we break below that point I'd be looking for further weakness, not that I think it would be a good idea to enter right now and hold until then and then sell. That'd be a terrible 40pip loss. Way too much for me to stomach.)
Watch and reassess as things move along. Develop the positions. Don't get stuck in them.
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