Trade view /
05 January 2018 at 14:40 GMT
The monthly chart highlights the reaction higher (August 2017) from the reverse trendline. A deeper correction towards the 78.60 Fibonacci retracement looks likely.
The weekly chart highlights the reaction from the upward trending support line, similar to the August reaction; confirmation of a bullish outside week should alert buyers.
The daily picture has also turned bullish after prices broke above the Ichimoku cloud and with price action posting a new seven-week high, the next leg higher may have already begun.
A break above 5,536 will see prices extend to levels not seen since January 2008.
Entry: buy FRA40.i at current levels and on a dip to 5m400.
Stop: a break below 5,250.
Time horizon: three to six weeks.
Monthly (reaction from reverse trendline):
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Source: Saxo Bank
— Edited by Michael McKenna
Non-independent investment research disclaimer applies. Read more
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