Looking at the H4, Price is approaching our sell entry at 1.2425 which is an overlap resistance level and is also aligned with the 38.2% Fibonacci retracement level. To minimize potential losses, a stop loss should be set at 1.2472, which is just slightly above the swing high.
The take profit level can be set at 1.2343, which is an overlap support level. This level can potentially act as a support for the price, and it is advisable to take profit at this level to lock in potential gains.
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The take profit level can be set at 1.2343, which is an overlap support level. This level can potentially act as a support for the price, and it is advisable to take profit at this level to lock in potential gains.
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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