Prices have expanded the current correction, reaching the 1.2260 region so far. The declines as corrective at this stage, with a drop through 1.22 needed to damage this outlook. Price has now showed a bullish bounce from support region.
Trade active:
At this stage, I still view the pullback from 1.2537 as corrective, which is now close to the 1.2200 ideal region for a higher low to develop. If I am right, we should see another leg higher to test the 1.26-1.27 key resistance region before moving into a broader medium-term range. Much through the 1.2200 support zone would suggest that broader correction is already underway, with 1.20-1.18 main supports below.
Comment:
Locking in profit of 2%. If price action moves against me I will take profit and wait for another setup opportunity.
Trade closed: target reached