Single lot long on the break of 1.2450 for 110 pips yesterday. This was my secondary trade in the trading idea: I will also be looking for the more aggressive long on a sustained break of 1.2440 if the risk/reward ratio is right, with targets up to 1.2520. My confirmation of the trade (if it happened) came before the break when I noted in the comments that the second touching of 1.2450 and subsequent selling made it more likely that a break of that level would produce a *pop*.
Daily Outlook: Bulls are pushing up, and while we are in a strong medium-term downtrend - and we've profited handsomely off that - there is reason to believe a decent short-term bullish correction is imminent to clear us of some of these extreme oversold levels.
A new rising trend support has formed and while this is intact and 1.2100 is intact I will stay short-term bullish until given reason otherwise. Some German news coming out tomorrow. Check the forex calendar for more details.
Trading Idea: It's Friday and I don't trade on Fridays - they are less profitable on average! But I always give a signal for you daytraders. My primary trade would be a long on a bounce off the rising trend support (currently at 1.2400) with targets at 1.2430, 1.2455, 1.2480 and 1.2510 for 110 pips. Secondary trade is a short on a sustained break below 1.2400 with targets down to 1.2260 for 140 pips profit.
Good luck, happy pipping and have a great weekend!
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