Prior volume has formed resistance at prices 1.05 and above. The most recent movement of price into this resistance area was followed by immediate rejection. The trade setup is a short entry at or close to 1.05, with a target price of 1.03; just above support.
Below 1.03 there are multiple supports that be broken: 1.01, and possibly 1.0 if 6E and EUR/USD return to the short-trend channel established August through November.
Below 1.03 there are multiple supports that be broken: 1.01, and possibly 1.0 if 6E and EUR/USD return to the short-trend channel established August through November.
Trade active:
Filled at 1.04545
Comment:
Trade is up +188 ticks, and moved stop loss to breakeven with +25 tick offset.
Comment:
Stop loss offset increased to +100 tick profit.