The Monthly Range high is the only resistance to another move up. Now that the 6 Day Rolling Range has dropped below our current price levels this has become support for the near term.
With the Daily Moving Averages (red,yellow, white lines) flat, this is a neutral sign as would be expected given the current price action.
The action to take is to place a buy order to enter the market long if the price closes above the Monthly Range high on the .
Place the stop loss just below the Monthly at 1.2311 and the profit targets as stated below.
Note: If triggered, look for the trade to play out over a period of 2-4 weeks.
Entry Price: 1.2371
Stop Loss: 1.2311
Profit Targets: First profit target 1.2515. Second profit target is 1.2735. Once first profit target is reached, bring stop loss to breakeven, then as the market moves higher, trail a stop loss on remaining position 40 pips behind to safeguard profits or until second profit target is hit.