Considering a sell at the end of today's price action as it has tested and reject the trend line dating back to July 2013 that also coincides with a monthly resistance dating back to early 2015.
Fundamentally I do not think the EUR has the power to break the trend line immediately so we may see a return to the 0.700 psychological level.
Let me know your thoughts.
Stop order would be placed at 0.7450 which at current price gives a risk reward ratio of around 1:4.
Fundamentally I do not think the EUR has the power to break the trend line immediately so we may see a return to the 0.700 psychological level.
Let me know your thoughts.
Stop order would be placed at 0.7450 which at current price gives a risk reward ratio of around 1:4.
Trade active:
@ 0.7357 - Stop @ 0.7500 so cover me from any noise caused by tomorrows data releases or a daily close above the resistance line whatever comes soon. Targeting 0.7050 which should be a re-test of the lower rising trend line. Will re-assess a new target or exit the trade here.
Trade closed: stop reached:
Price looks as though it has broken major support and will continue pressing higher if it closes out the month above the trend line.