This currency pair is in an up trend.
Chart below:
Price has recently pulled back to the trend line support and formed a double bottom.
Following yesterdays FMOC statement and the subsequent wave of USD weakness price has broken up through the averages and made an immediate new high.
I am looking for a long entry on a pull back to the 50% Fibonacci level, the Daily pivot and the 4hr 20ema. I would also look for the stochastic to be in an over sold position.
Price remains choppy on the low volumes, so I will be looking for a bounce at the averages and to move the stop up as soon as possible.
Levels and chart below
1st Entry: 1.0495
2nd Entry: 1.0480
Average entry: 1.0487.5
Stop loss: 1.0455
Target: 1.0650 (5%)
Regards
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