Still long from 1.1567 - eyeing 1.17 now...
The euro is marginally stronger today after H4 price finally conquered the 1.16 handle. Bolstered by confirmation that Senate Republicans plan to propose delaying tax cuts to corporations until 2019, November’s opening level at 1.1615 elbowed its way into the spotlight, which, as you can see, was able to hold ground going into the closing bell.
For those who have been following our reports this week you may recall that we are currently long this market from the H4 demand area at 1.1541-1.1570. The idea behind selecting this base as a potential buy zone was simply due to the area being positioned over the top of a daily demand area seen at 1.1479-1.1552.
Our buy order was filled at 1.1567, and the stop was positioned a few pips below the aforesaid H4 demand area at 1.1540. As 1.16 was touched on Wednesday, our first take-profit target, the team decided to reduce risk to breakeven and bank some profits. Thursday’s advance, however, brought the unit up to our second take-profit zone: November’s opening level at 1.1651, where further profits have been banked and the stop-loss order moved up to 1.1595.
Suggestions: Continue to hold the current buy position. The 1.17 handle is the final take-profit line, which happens to be positioned a few pips beneath weekly resistance at 1.1714.
Should you have missed the initial long call, and also the second opportunity to buy on the retest of 1.16 yesterday, you may be given a third opportunity to catch some of the move if H4 price closes above 1.1651 and retests it as a support. From here you could drill down to the lower timeframes (see the top of this report) and search for an entry, targeting 1.17.
Data points to consider: US prelim UoM consumer sentiment at 3pm GMT; US banks closed in observance of Veteran’s Day.
For those who have been following our reports this week you may recall that we are currently long this market from the H4 demand area at 1.1541-1.1570. The idea behind selecting this base as a potential buy zone was simply due to the area being positioned over the top of a daily demand area seen at 1.1479-1.1552.
Our buy order was filled at 1.1567, and the stop was positioned a few pips below the aforesaid H4 demand area at 1.1540. As 1.16 was touched on Wednesday, our first take-profit target, the team decided to reduce risk to breakeven and bank some profits. Thursday’s advance, however, brought the unit up to our second take-profit zone: November’s opening level at 1.1651, where further profits have been banked and the stop-loss order moved up to 1.1595.
Suggestions: Continue to hold the current buy position. The 1.17 handle is the final take-profit line, which happens to be positioned a few pips beneath weekly resistance at 1.1714.
Should you have missed the initial long call, and also the second opportunity to buy on the retest of 1.16 yesterday, you may be given a third opportunity to catch some of the move if H4 price closes above 1.1651 and retests it as a support. From here you could drill down to the lower timeframes (see the top of this report) and search for an entry, targeting 1.17.
Data points to consider: US prelim UoM consumer sentiment at 3pm GMT; US banks closed in observance of Veteran’s Day.
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