H4 demand at 112.05-112.37 held just beautifully!
In our previous report, we noted to keep an eyeball on the H4 demand area penciled in at 112.05-112.37. This base commanded the backing of the current daily demand at 111.35-112.37, which itself is further reinforced by a weekly support area at 111.44-110.10. As is evident from the H4 chart, the unit aggressively drove into the jaws of this zone yesterday and responded beautifully! The recent downside move was brought about by comments made by US President Trump’s trade advisor saying that the euro was ‘grossly undervalued’, along with disappointing US data. Well done to any of our readers who managed to secure a buy from the above noted H4 demand, as current H4 price looks set to continue northbound up until at least the H4 resistance at 113.25. Be that as it may, we would strongly advise taking some profits off the table around 113 and reducing risk to at least breakeven!
Our suggestions: At the time of writing, we do not see much to hang our hat on in regards to trading opportunities. Therefore, we’re going to opt for the safest position of them all – flat.
Data points to consider: US ADP non-farm employment change at 1.15pm, ISM manufacturing PMI at 3pm followed by the Federal Reserve monetary policy decision at 7pm GMT.
Our suggestions: At the time of writing, we do not see much to hang our hat on in regards to trading opportunities. Therefore, we’re going to opt for the safest position of them all – flat.
Data points to consider: US ADP non-farm employment change at 1.15pm, ISM manufacturing PMI at 3pm followed by the Federal Reserve monetary policy decision at 7pm GMT.
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