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Answer:
I rarely take counter-trend trades but, when I do, I usually place my orders at significant support/resistance levels. In your EURUSD example, going long at the 1.2150 area looks okay since the pair seems to have difficulty breaking below that level. I'd probably put my profit target at the closest resistance level in sight. But I would place a tight stop (at most 50 pips) so that I'm out of the trade in case there's a breakdown and the downtrend resumes.
