Confluences for Trade: - Mid-Support in Resistance Channel - Price at Support of a Horizontal Trendline - Stochastic Oversold momentum (H4) - Fundamentally, EU-Italy impasse has shown some willingness from Italian counter-party to review their budget deficit numbers. Although not concrete, it should relieve some pressure off the EUR (it dropped from 1.18 - 1.12 due to this issue last time). The growth data numbers have been weak but it is unlikely to deter the trajectory of ECB's direction to taper.
We believe market is still very rangy at this point of time. Use small lots to be safe.
Suggested Trade: Entry @ Area of Interest 1.1250 - 1.1310 SL: 1.1209 TP: 1.1494 RR: Approx. 2.20 (Depending on Entry Level)
May the pips move in our favor! Good luck! :D
*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.
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A head and shoulders formation seems to be forming. Keep the Long position