Long from 1.1567 – eyeing 1.16
Updated
For those who read Tuesday’s report you may recall that we were looking for price to outmuscle the 1.16 handle and tackle the nearby H4 demand base at 1.1541-1.1570. In early London hours on Tuesday, as you can see, 1.16 was engulfed and the noted H4 demand was confronted. The central motive behind selecting this base as a potential buy zone was simply down to the area being positioned on top of a daily demand area seen at 1.1479-1.1552.
Suggestions: As of writing, we are long this market from 1.1567, with a stop-loss order located just below the aforesaid H4 demand area at 1.1540. Our first take-profit target, also highlighted in Tuesday’s analysis, is the 1.16 handle. Here we’ll look to reduce risk to breakeven and bank some profits.
Ultimately, a break above 1.16, as well as the nearby H4 supply marked with a red arrow at 1.1616-1.1603, is what we’re looking for going forward, since November’s opening level at 1.1651 is the next take-profit line.
Data points to consider: No high-impacting events on the docket today.
Suggestions: As of writing, we are long this market from 1.1567, with a stop-loss order located just below the aforesaid H4 demand area at 1.1540. Our first take-profit target, also highlighted in Tuesday’s analysis, is the 1.16 handle. Here we’ll look to reduce risk to breakeven and bank some profits.
Ultimately, a break above 1.16, as well as the nearby H4 supply marked with a red arrow at 1.1616-1.1603, is what we’re looking for going forward, since November’s opening level at 1.1651 is the next take-profit line.
Data points to consider: No high-impacting events on the docket today.
Note
Updating via twitter.com/IC_Markets?ref_src=twsrc^google|twcamp^serp|twgr^authorWill post final outcome here though
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