Taken a short from 1.1282 after the completion of bearish AB=CD
In recent trading, we have seen the EUR/USD bulls go on the offensive. This brought the H4 candles back up to the 1.13/1.1279 H4 area, which, from our perspective, has potential to bounce price again. As mentioned in previous reports, we like this zone because it has formed within both weekly and daily supplies (1.1533-1.1278/1.1327-1.1253). Also of interest is the H4 approach to this area. Notice that there’s an AB=CD bearish pattern completion at 1.1283.
Our suggestions: Unfortunately our team missed the sell from 1.13/1.1279 on Monday. Nevertheless, given the H4 approach and the clear higher-timeframe supplies now in play, our team has taken a short from 1.1282, and positioned a stop-loss order a few pips above 1.13.
Our initial target is the H4 mid-level support at 1.1250, followed by the 1.12 handle, and then possibly daily support coming in at 1.1142.
Data points to consider: No high-impacting news on the docket today.
Our suggestions: Unfortunately our team missed the sell from 1.13/1.1279 on Monday. Nevertheless, given the H4 approach and the clear higher-timeframe supplies now in play, our team has taken a short from 1.1282, and positioned a stop-loss order a few pips above 1.13.
Our initial target is the H4 mid-level support at 1.1250, followed by the 1.12 handle, and then possibly daily support coming in at 1.1142.
Data points to consider: No high-impacting news on the docket today.
IC Markets is an online forex broker specialized in providing transparent trading solutions to both retail and institutional investors alike. We provide superior execution technology, lower spreads and unrivaled liquidity.