This is an intraday trade. Manage risk accordingly. Use trailing stops if the bullish movement occurs. Possible movement untill Thursday and the ECB news.
Always use a stop loss and never risk more than 1 percent of your account on any trade(s).
This is trading signals purely based on technical indicators. Important part of the strategy is to adjust SL and reduce risk as soon as possible. The direction of the market is very often unpredictable, if the trade is going against me I will cut losses at the next 4H candle close. For the opposite I very selldom uses TP orders, profits will be secured with trailing stops.
Against the other major currency pair and crosses the Japanese Yen are nearing a bearish breakout from triangular wedges on the the weekly charts. I am expecting new major bearish trends to start for the JPY against these counterparts.
The support line at .6830 held. The price currently in the middle of a break-out pattern. Buy at current price or wait for break-out confirmation. The USD have started an overall decline with future rate cuts and economical challenges awaiting.
Trend: The pair has been in a primary downtrend for the last 3,5 year.
Technicals: The yelllow circled area is the area of interest, a 500 pips range from where I expect the pair to start declining from the lower parts of the circle. The current price movement low in the channel are done with less upward momentum than earlier expericenced in the two channels....