Well done to those who joined us at 1.3548!
For those who read Tuesday’s report you may recall our desk highlighting that a pending buy order was placed at 1.3548 with a stop set at 1.3408. Our rationale behind setting this order was due to a very appealing H4 buy zone seen marked in green at 1.3434/1.3457. This area boasted a H4 Quasimodo support at 1.3457, a H4 61.8% Fib support at 1.3441 taken from the low 1.3223 (green line), a H4 mid-level support at 1.3450 which also happens to represent daily support and the 2017 yearly opening level seen on the weekly chart at 1.3434.
As you can see, our order was filled yesterday and price has rallied beyond the 1.35 handle. We took 50% off the table around 1.35 and reduced risk to breakeven, so we’re effectively in a free trade right now. Our next port of call is 1.3542: a H4 broken Quasimodo line. And then beyond here we have our eye on the 1.36 handle. Price, however, may struggle to reach 1.36, since before this number we have to contend with a daily resistance area at 1.3598-1.3559 and a weekly resistance level at 1.3588.
Well done to any of our readers who managed to join us on this trade.
Data points to consider: FOMC meeting minutes at 7pm, FOMC member Kaplan speaks at 11pm GMT+1. BoC Rate statement at 3pm, Crude oil inventories at 3.30pm GMT+1.
As you can see, our order was filled yesterday and price has rallied beyond the 1.35 handle. We took 50% off the table around 1.35 and reduced risk to breakeven, so we’re effectively in a free trade right now. Our next port of call is 1.3542: a H4 broken Quasimodo line. And then beyond here we have our eye on the 1.36 handle. Price, however, may struggle to reach 1.36, since before this number we have to contend with a daily resistance area at 1.3598-1.3559 and a weekly resistance level at 1.3588.
Well done to any of our readers who managed to join us on this trade.
Data points to consider: FOMC meeting minutes at 7pm, FOMC member Kaplan speaks at 11pm GMT+1. BoC Rate statement at 3pm, Crude oil inventories at 3.30pm GMT+1.
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