Long play fro support within a daily pullback for a continuation
Updated
The corrective pullback on the daily chart after a strong move suggest a bullish continuation and another attempt of breaking through 1.13000.
One option is to go long at minor support within this bearish channel at around 1.11400. The second option is to go long at the bottom of the channel for a more conservative play.
The first target is pretty conservative around 1.12700 and the second target is a bit tricky. If this plays out and the bulls manage to come back I would neutralize risk as soon as target 1 is hit and then monitor how price reacts to the 1.13000 even handle which has acted as a strong resistance since the end of 2014.
One option is to go long at minor support within this bearish channel at around 1.11400. The second option is to go long at the bottom of the channel for a more conservative play.
The first target is pretty conservative around 1.12700 and the second target is a bit tricky. If this plays out and the bulls manage to come back I would neutralize risk as soon as target 1 is hit and then monitor how price reacts to the 1.13000 even handle which has acted as a strong resistance since the end of 2014.
Trade closed: target reached
Close call but first target was reached.
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