For those who read Tuesday’s report you may recall that we were looking for price to outmuscle the 1.16 handle and tackle the nearby H4 demand base at 1.1541-1.1570. In early London hours on Tuesday, as you can see, 1.16 was engulfed and the noted H4 demand was confronted. The central motive behind selecting this base as a potential buy zone was simply down to the area being positioned on top of a daily demand area seen at 1.1479-1.1552.
Suggestions: As of writing, we are long this market from 1.1567, with a stop-loss order located just below the aforesaid H4 demand area at 1.1540. Our first take-profit target, also highlighted in Tuesday’s analysis, is the 1.16 handle. Here we’ll look to reduce risk to breakeven and bank some profits.
Ultimately, a break above 1.16, as well as the nearby H4 supply marked with a red arrow at 1.1616-1.1603, is what we’re looking for going forward, since November’s opening level at 1.1651 is the next take-profit line.
Data points to consider: No high-impacting events on the docket today.
Suggestions: As of writing, we are long this market from 1.1567, with a stop-loss order located just below the aforesaid H4 demand area at 1.1540. Our first take-profit target, also highlighted in Tuesday’s analysis, is the 1.16 handle. Here we’ll look to reduce risk to breakeven and bank some profits.
Ultimately, a break above 1.16, as well as the nearby H4 supply marked with a red arrow at 1.1616-1.1603, is what we’re looking for going forward, since November’s opening level at 1.1651 is the next take-profit line.
Data points to consider: No high-impacting events on the docket today.
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Will post final outcome here though