Technically Speaking
The 1.43 level has been a good source of demand, going back June.
That level held again today.
The first hurdle is the 100 DMA. This average has repelled advances and declines in the past, note arrows. A clean move above would likely bring in more buying.
What to do?
Longs are looking for a rotation back toward the top of the range near 1.49.
The 1.49 target will depend on what type of trader you are. I am a believer in holding for the big swing but others might have shorter targets, which is fine. Trade your own plan.
Note
The ECB announcement is tomorrow followed by their press conference. Depending on what is said and what if any actions are taken, volatility can be high. Proceed with caution and make sure stops are in place.
If this post brought you any value, please click "like"
As always, leave comments and questions below and I will be happy to answer.
The 1.43 level has been a good source of demand, going back June.
That level held again today.
The first hurdle is the 100 DMA. This average has repelled advances and declines in the past, note arrows. A clean move above would likely bring in more buying.
What to do?
Longs are looking for a rotation back toward the top of the range near 1.49.
The 1.49 target will depend on what type of trader you are. I am a believer in holding for the big swing but others might have shorter targets, which is fine. Trade your own plan.
Note
The ECB announcement is tomorrow followed by their press conference. Depending on what is said and what if any actions are taken, volatility can be high. Proceed with caution and make sure stops are in place.
If this post brought you any value, please click "like"
As always, leave comments and questions below and I will be happy to answer.
