The chart shows the movement after the 108.56 high. In my opinion this fall is corrective in nature so I expect one more high. With an eye on this idea I continue to be long but I have to admit that the stop loss at 107.20 could be taken. However I don’t want to move the stop loss lower because my risk tolerance does not allow me such an action. A key resistance at the moment is 108.06. Only a rise above it will signal that the expected move for a new high is already under way.

Trading strategy: 10:59 EST; 15:59 GMT

Long position from 107.53 + addition to it from 107.77, stop loss for the whole position 107.20, target for the whole position - 108.60

Confidence level – changed from medium to low

This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.