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.
Trade active
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@ 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
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Price looks as though it has broken major support and will continue pressing higher if it closes out the month above the trend line.
Comments
RichardEdwards
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We move on... Maybe buy on the re-test of the break out. There is a lot of ground to be made up and price may return to 0.8 this year with nice pullback so something to keep an eye on.
Piet.Hein
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:( happened to me too
RichardEdwards
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I will add to the position if we get a 4hr close below the newly formed trend line and extra confirmation.
Piet.Hein
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Nice call :)
Piet.Hein
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Agree and actually already selling!
RichardEdwards
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It is looking positive with the rejection. Hopefully we get the move continue for you tomorrow and start for me. We have German Unemployment and EUR CPI estimate tomorrow, any misses on these figures will accelerate the trade for us. If they come in good we may get a few more re-tests of the upper trend line.