Now that we have been following the pair closely all week, its time to review our position as we near the close of the week.
With developments yesterday and the price returning into the , it is important that we have our levels clear. The context for the long position is still intact to begin with. It is common for the markets to nudge around major supports and resistances. I have a which is noticeable here. Interestingly, the target for this coincides with the minor .23 FIb resistance. If and when this completes, we will look at the further possibilities.
Now, talking about moving our stops, the most ideal area to place the stops is below the support line I have drawn here.You can see that it is a confluence area, where it was a support turned resistance and now is a support again. If that is broken, it would be quite a dangerous situation for the bulls. So, ideally i would suggest that the stops must be places below this area at around 1.2330 - 1.2320.
So, until the next followup
Happy trading and happy pippin!