Taken a long from 0.9567...
As highlighted in Thursday’s report, the 0.9546/0.9581 green area painted on the H4 chart, which is comprised of weekly and daily support levels, continues to be a zone our desk favors for potential longs. However, what we also made clear was that in order to confirm buyer intent within the walls of this zone, a H4 bullish rotation candle in the shape of a full or near-full-bodied candle is needed.
As you can see from the H4 chart, a H4 bullish candle that closed near its highs was just recently penciled in. This, to us, is a valid buy signal, with the likelihood of price now rallying up to at least the 0.96 handle.
Our suggestions: Based on the notes above, our desk has entered long at 0.9567, with a stop positioned below the daily support (0.9546) at 0.9544.
Data points to consider: US Core PCE price index report at 1.30pm, followed by Chicago PMI at 2.45pm GMT+1.
As you can see from the H4 chart, a H4 bullish candle that closed near its highs was just recently penciled in. This, to us, is a valid buy signal, with the likelihood of price now rallying up to at least the 0.96 handle.
Our suggestions: Based on the notes above, our desk has entered long at 0.9567, with a stop positioned below the daily support (0.9546) at 0.9544.
Data points to consider: US Core PCE price index report at 1.30pm, followed by Chicago PMI at 2.45pm GMT+1.
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