Published On: Wed, May 3rd, 2017

EURUSD tracks Keltner channel higher

InstaForex

Day trade

/

Buy

Trade view / 41 minutes ago

Partner at 3 C ANALYSIS / 3cAnalysis

United Kingdom

Instrument:EURUSD

Price target:1.1009

Market price:1.0927

Background


Yesterday’s indecisive neutral bias proved correct as for a second day in a row, prices were contained within Friday’s parameters. But crucially, yesterday’s higher lows were firmly rejected and the market closed near the top of modest net gains on the day. 

This price action does not create strong signals for sentiment but although a new six-month high was rejected in Asia, EURUSD is expected to continue tracking a bullish Keltner channel higher.

Management and risk description


A move to 1.0956 means the stop can be raised to break-even.

Parameters

Entry: buy in 1.0925/30 area and at 1.0906.

Stop: 1.0883 offered.

Target: 1.0956, 1.0982 or even 1.1009.

Time horizon: intraday, ending 1500 GMT.

Tracking channel

Asian high

Long term

 Source: all charts CQG. Create your own charts with SaxoTrader; click here to learn more 

– Edited by Gayle Bryant

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