The price has been in an ascending channel for the whole month and continued to for higher highs and higher lows. It has reached our support trend line and predicting the price to move to the upside. The price seems to have been holding around the 1.0740 level for past 2 days failing to break below that level. The fibonacci retracement also shows the price bouncing back from the 61.8% key level. Using a tight stop of just 30 pips seems conservative on this setup. A good 1:3.35 R:R trade. I would hope the price to ultimately reach 1.0886 level where I will be putting my TP2. Lets see how it plays out. Please feel free to share your thoughts on this. Would really appreciate it.
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Disclaimer : Trading CFDs is a high risk activity with the potential to lose all your account funds due to leverage. Please understand the risks involved before deciding to invest. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. There is considerable exposure to risk in any foreign exchange transaction. Any transaction involving currencies involves risks including, but not limited to, the potential for changing political and/or economic conditions that may substantially affect the price or liquidity of a currency. Investments in foreign exchange speculation may also be susceptible to sharp rises and falls as the relevant market values fluctuate. The leveraged nature of Forex trading means that any market movement will have an equally proportional effect on your deposited funds. This may work against you as well as for you. Not only may investors get back less than they invested, but in the case of higher risk strategies, investors may lose the entirety of their investment. It is for this reason that when speculating in such markets it is advisable to use only risk capital. Trade the Forex Market at your own risk. I will not take any responsibility for any losses.