1.0850/1.0873 is a solid support zone – longs possible
Following a somewhat hawkish FOMC yesterday, the EUR collapsed back below the 1.09 handle as the dollar broke to fresh highs. Despite this recent movement, the pair remains trading within a H4 consolidation fixed between 1.0861/1.0950.
To our way of seeing things, downside is heavily restricted! Not only is the lower edge of the H4 range now in view at 1.0861, there’s also the 2016 yearly opening level (weekly chart) at 1.0873 and a daily support at 1.0850 to contend with. Therefore, a decisive close below this range is going to be challenging. As such, a long trade from here is a reasonable possibility.
Our suggestions: Watch for H4 price to form a reasonably sized bullish candle between 1.0850/1.0873 (preferably a full-bodied candle). Should this come to fruition, a buy trade with an initial target objective of 1.09, followed closely by 1.0932 could be an option.
Data points to consider: ECB President Draghi speaks at 5.30pm. US unemployment claims and trade balance at 1.30pm GMT+1.
To our way of seeing things, downside is heavily restricted! Not only is the lower edge of the H4 range now in view at 1.0861, there’s also the 2016 yearly opening level (weekly chart) at 1.0873 and a daily support at 1.0850 to contend with. Therefore, a decisive close below this range is going to be challenging. As such, a long trade from here is a reasonable possibility.
Our suggestions: Watch for H4 price to form a reasonably sized bullish candle between 1.0850/1.0873 (preferably a full-bodied candle). Should this come to fruition, a buy trade with an initial target objective of 1.09, followed closely by 1.0932 could be an option.
Data points to consider: ECB President Draghi speaks at 5.30pm. US unemployment claims and trade balance at 1.30pm GMT+1.
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