Forex Trading Software

Posts Tagged ‘@0.8585’

Not looking to force any trades here, but the cross has been under some intense pressure of late and now eyes a retest of next key support by 0.8600, which represents the 2010 low from January. However, any additional declines from there should be limited, with daily studies trading into oversold territory and warning of the need for a healthy corrective bounce. Should the market get down below 0.8600, we like the idea of buying into the dip, with hourly studies to likely also be very oversold and thereby considerably increasing the likelihood of a playable short-term corrective bounce. Look for a recovery rally back towards 0.8800 at a minimum over the coming days before considering bearish continuation. STRATEGY: BUY @0.8585 FOR AN OPEN OBJECTIVE; STOP 0.8525. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE ON FRIDAY. POSITION SIZE SHOULD BE 3X TOTAL EQUITY.

View full post on DailyFX Analyst Picks – Today’s Picks