Trend continuation to the downside. Selling volume came in on the 26th followed by a move to the downside and now we have a 38.2 retracement and rejection at the 50 EMA with a confirmed Upthrust. Expecting price to reach the 1.1000 Key level with partial profits taken at 1.10298 and stops moved to breakeven as price can turn around from this point.
Comment:
Price seems to be stalling at this point so I've taken partial profits here rather than the 1.10298 as this is where the demand zone starts. I've moved stops to breakeven and now this trade is risk free.
Comment:
Currently trailing the market by 10pips so I don't so I don't give back my profits if the market turns.