Chart shows a nice reverse H&S, closing a 4hr candle above both the neckline, and key level 1722.
We can expect a continuation to the 1765, and possibly even further to 1800 depending on the FOMC rate decision later today.
We can expect a continuation to the 1765, and possibly even further to 1800 depending on the FOMC rate decision later today.
Comment:
After a classic stop loss killer, market sentiments are very bullish in anticipation of the FOMC rate announcement in 5 min. Monitor this in case of any unexpected (increased) interest rate decision, in which case, exit the trade quickly.
Comment:
Price has reached a third of the target TP. At this point, you can adjust your stop loss to the entry level of 1723 to be risk free on the trade. All the best!