Day trade
/
Sell
Trade view / 12 April 2018 at 7:15 GMT

EURUSD – Temporary profit taking to deepen

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
Price target: 1.2281
Market price: 1.2360
Background

Yesterday's positive bias was confirmed as EURUSD was bought to higher levels for a third day in a row. But although EURUSD was sustained above the key 13-day moving average, profit taking developed near 1.2400 with sentiment overbought. The resulting setback left the currency pair with only minimal net movement and although the undertone is unaltered, immediate studies suggest a deeper reaction to retest the key average.

Management and risk description

A move to 1.2339 means the stop can be lowered to break even.

Parameters

Entry: Sell in 1.2360/65 area and at 1.2380

Stop: 1.2416 bid

Target: 1.2339, 1.2320 or even 1.2281

Time horizon: intraday, closing 16.00 BST

Demand Stalled
Demand Stalled
 Profit Taking
Profit Taking
 Long Term
Long Term
 All charts from CQG

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
12 April
marran marran
im in on this Alan but have to say its only because of your genius! i can see it rising today to 2400
12 April
AlanCollins AlanCollins
First target met so stop can be lowered to break even on short balances
12 April
TradingFan TradingFan
Hi Alan, on board! Thanks, I'm hesitating to take the profit now... but I'll follow your analysis and wait a bit more.
12 April
AlanCollins AlanCollins
well would certainly have reduced at 39. 20 looks a long way off as trading still appears subdued. Stop at break even protects though.
12 April
TradingFan TradingFan
Out with a nice profit, thanks!
12 April
AlanCollins AlanCollins
Pleasure. Fingers crossed the market as kind tomorrow
12 April
WaveSurfer WaveSurfer
Thank you for great analysis Alan. I just took my profit at 1.2332 level and put a sell stop order at 1.2330 level. I think price may have some potential to go down to get lower low, touching the important levels which you mentioned.
12 April
Lex29 Lex29
Спасибо, Алан!
12 April
l---rudy---l l---rudy---l
great call, as always...
12 April
RobertGfinace RobertGfinace
This comment has been redacted
12 April
AlanCollins AlanCollins
Thanks guys. much appreciated.
12 April
JVKNL JVKNL
Wow, that was unexpected good call. Did not use it but watched. Worked good. Hope to see Alan Collins daytrade advise again soon!☺
12 April
AlanCollins AlanCollins
Tks JVKNL - another Trade Idea tomorrow. have a great evening everyone
14 April
anatolyvyacheslavoil anatolyvyacheslavoil
This comment has been redacted
16 April
anatolyvyacheslavoil anatolyvyacheslavoil
This comment has been redacted

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