EURUSD
is hitting a key weekly trend resistance which has been respected for more than a decade. This trend resistance also lines up perfectly with structural resistance @ 1.18500 of descending channel.
Price has risen sharply to this key resistance level and slowed down and displayed a rickshaw doji last week which could indicate a price reversal back down the channel.
I have set the stop loss @ 1.19350 just above the trend line and structural resistance to allow the trade some room to breathe.
However, if price break through resistance @ 1.18500 I will look for a potential pullback to the resistance line as support and take the opposite position if enough rising momentum is there.
NOTE: Before taking this trade wait for confirmation of a reversal to indicate that price will begin to head back down.