The chart shows the movement after yesterday’s high 1.9698. We have an impulse down to 1.9467 which is wave 1 of a higher degree impulse upon me. If this idea is correct, the current recovery is wave 2 and when it is over, one should expect another fall in wave 3. From a short term point of view I expect an initial rise to 1.9580 so I entered long earlier today and if the target of this position is reached, I will reverse it. A key support is 1.9467. A key resistance is 1.9610
Trading strategy: 08:57 EST; 13:57 GMT
Long position from 1.9505, stop loss - 1.9465, target - 1.9580
Sell on recovery to 1.9580, stop loss - 1.9630, target - open
Confidence level – changed from low to medium
Trading strategy: 07:26 EST; 12:26 GMT
Buy at market (1.9505), stop loss - 1.9465, target - 1.9580
Confidence level – low
Trading strategy: 03:41 EST; 08:41 GMT
Short position from 1.9576
Exit the short position at market (1.9560) with profit 16 pips.
Sell again on recovery to 1.9580, stop loss - 1.9630, target - open
Confidence level – medium
This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.