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James Kim@Saxo
James Kim, sales trader at Saxo Capital Markets, Australia, examines trading strategies during week 34 in a technical analysis of charts for forex, indices and commodities.
Day trade
/
Buy
Trade view / 10 August 2017 at 5:53 GMT

Downside rejection for EURUSD to dominate

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
Instrument: EURUSD
Price target: 1.1825
Market price: 1.1733
Background

Yesterday's bias was bearish despite highlighting the concern of the proximity of the 13-day moving average. This proved correct but the lows of the day, below 1.1700 and the average, attracted buying interest. 

This rally left EURUSD with limited net movement. But while this suggests indecision, it is the rejection of the lows and close above the 13-day line that leaves our technical studies mildly positive despite some Asian selling.

Management and risk description

A move to 1.1771 means the stop can be raised to break even.

Parameters

Entry: buy in 1.1725/30 area and at 1.1706.

Stop: 1.1670 offered.

Target: 1.1771, 1.1794 or even 1.1825.

Time horizon: intraday, ending 1500 GMT.

Testing average
Testing Average
 
Lows rejected
Lows Rejected
 
Long term
Long Term
 Source: all charts CQG. Create your own charts with SaxoTrader; click here to learn more 

– Edited by Gayle Bryant

For more on forex click here

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
10 August
ldan ldan
Hi Alan,
Do we need to adjust our targets, since it has reached our 2nd buy point?
10 August
AlanCollins AlanCollins
Yes. Would reduce exposure at 1.1732 if seen. Stop then to break even.
10 August
ldan ldan
Thanks Alan
10 August
AlanCollins AlanCollins
took its time but I hope it worked for you.
10 August
AG11406 AG11406
should we leave it running?
10 August
AlanCollins AlanCollins
all my intraday signals are closed at 4pm London time. Tomorrow is another day and another trade idea
10 August
AG11406 AG11406
thank you Alan.

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