Despite weaker than expected economic releases this morning with month over month manufacturing production dropping 0.2% and no month over month GDP growth, this pair is still rallying. Both last week and the beginning of this week, we tested the weekly level to determine if it would hold up. I have taken this trade last week actually on the retracement and it has since held up. The next potential resistance on the weekly timeframe isn't anywhere nearby so I say we can potentially target 5:1 or better reward to risk ratio. See my comment update for a lower timeframe analysis.
~FinancialGamblR, or at least that's what they call us retail traders
~FinancialGamblR, or at least that's what they call us retail traders
Note
This is a bit of a pre-mature trade. I didn't wait for confirmation since it would lower your reward to risk ratio. However, it wasn't long after until I got a nice confirmation where the stronger bullish bar set the direction. Earlier today, we see this pair ride up, but I doubt this move is over. Current long position is still active.Note
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.