Based on the H4 chart analysis, we can see that the price has broken below our ascending trendline and is currently at a support level. We plan to sell if the price closes below and wait for a pullback. Our sell entry will be at 1.0941, which is a pullback resistance level. Our stop loss will be at 1.1042, which is a multi-swing resistance level. Our take profit target will be at 1.0845, which is a swing low support level.
It's worth noting that the price has broken below the ascending line and is now acting as resistance.
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It's worth noting that the price has broken below the ascending line and is now acting as resistance.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
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