Published On: Thu, Feb 9th, 2017

Positive bounce from 50% point for EURUSD

InstaForex

Day trade

/

Buy

Trade view / 45 minutes ago

Partner at 3 C ANALYSIS / 3cAnalysis

United Kingdom

Instrument: EURUSD

Price target: 1.0749

Market price: 1.0677

Background


Two days of solid selling stalled at a 50% correction point to the rise from the January 11 low. The resulting bounce was not an extensive one but did take EURUSD back to the 13-day moving average. That level held and has led to minor Asian downside. But despite this element adding caution, our studies are positive for this morning although until/unless the average is clearly exceeded caution needs to be applied.

Management and risk description


A move to 1.0711 means the stop can be raised to break-even.

Parameters

Entry: buy in the 1.0675/80 area and on any 1.0657 dip.

Stop: 1.0620 offered.

Target: 1.0711, 1.0749 or even 1.0770.

Time horizon: intraday, ends 16.00 GMT.

Buyers at 50%

Limited moves

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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