Trade Status: Our FX:EURUSDtrade is active, with attention centered on the pivotal 1.0685 resistance level. We're closely monitoring for a breakout opportunity.
Target and Rejection Scenario: Should FX:EURUSD breach 1.0685, our target extends to the monthly open at 1.0792. However, with the looming GDP data release on Thursday, we're prepared for the possibility of a rejection.
Post-Rejection Target: In the event of a rejection, our subsequent target remains at 1.0585. This level serves as a strategic area of potential support.
Trade Strategy:
Consider entering a long position upon a confirmed breakout above 1.0685, targeting the monthly open at 1.0792. Then In the event of a rejection at the time of GDP data, our subsequent target remains at 1.0585. Implement robust risk management practices, including setting stop-loss orders to safeguard against adverse market movements. Remain vigilant for post-GDP data reversals and adjust positions accordingly to manage risk exposure effectively.