I took a small long @ 1.4110 after I noticed that price found a lot of support right around 38.2 Fibonacci level and 200 day(red) simple moving average (SMA). My target is 20 pips below the 138.3 Fibonacci extension level @ 1.4248. I got a good risk reward on this trade and plenty of technical reasons to enter. Daily stochastics are currently in a bullish cycle and the daily OSMA just printed dark red bar. Nevertheless, I did place a tight stop because there is plenty of resistance for price to break through.
The fundamentals are also supporting this trade at the moment. All of the economic data that came out today supported that the economic contraction may be subsiding. As a result, the risk appetite of the market increased which hurts the value of the dollar.
The fundamentals are also supporting this trade at the moment. All of the economic data that came out today supported that the economic contraction may be subsiding. As a result, the risk appetite of the market increased which hurts the value of the dollar.
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