Trade Parameters:
Currently sitting right on the 100 SDMA, we are currently close to decent resistance, with 1.0825 being the 50% pivot of the move from 1.1299/1.0340, but with the 4 hour/daily indicators looking to align higher, it appears that we should take advantage of any short term weakness to buy the dips, looking for a break above 1.0820/25 to where the next real level to watch would be at the 8 Dec high @1.0873, beyond which the next Fibo resistance is not seen until 1.0932. The hourlies are now overbought, so looking to buy the dip seems to be the plan, with a SL placed under 1.0693 (61.8% of 1.0620/1.0811), @ 1.0685.
Bear in mind that it is the FOMC tonight. A hawkish Statement could turn this theory around rather quickly!
EURUSD:
Buy 50 % @ 1.0770; Buy 50% @ 1.0740
SL 100% @ 1.0685
TP 100% @ 1.0920
Currently sitting right on the 100 SDMA, we are currently close to decent resistance, with 1.0825 being the 50% pivot of the move from 1.1299/1.0340, but with the 4 hour/daily indicators looking to align higher, it appears that we should take advantage of any short term weakness to buy the dips, looking for a break above 1.0820/25 to where the next real level to watch would be at the 8 Dec high @1.0873, beyond which the next Fibo resistance is not seen until 1.0932. The hourlies are now overbought, so looking to buy the dip seems to be the plan, with a SL placed under 1.0693 (61.8% of 1.0620/1.0811), @ 1.0685.
Bear in mind that it is the FOMC tonight. A hawkish Statement could turn this theory around rather quickly!
EURUSD:
Buy 50 % @ 1.0770; Buy 50% @ 1.0740
SL 100% @ 1.0685
TP 100% @ 1.0920