It was noted that price action was manoeuvring within a symmetrical triangle, with multiple bounces on each trend line confirming the strength of the structure. Price then retested and rejected the upper trend line for a fourth time and tested 0.718 as resistance
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After waiting for deceleration and a confirmation of sentiment change, we identified the next major support to be at 0.715, just above the 200ema. Placing the stop loss at 0.718, this provided a good 2:1 R:R as highlighted.
We have now locked in 2% with a 2.5% running profit. Next Profit Target is @ 0.713
.
After waiting for deceleration and a confirmation of sentiment change, we identified the next major support to be at 0.715, just above the 200ema. Placing the stop loss at 0.718, this provided a good 2:1 R:R as highlighted.
We have now locked in 2% with a 2.5% running profit. Next Profit Target is @ 0.713