Daily Outlook: Going long was exactly what the doctor ordered yesterday as all of our targets were hit within a few hours of our entry. Today we are basically looking for more of the same with one caveat – we are closely watching some key longer term support levels:
Those levels are the more aggressive rising trend support (purple line on chart above) and the more conservative, longer term rising trend support (green line on chart above. We are bullish above both these levels and will look for opportunities to get long around either one but will also look for short-term bearishness on a break of either one.
Trading Idea: Primary trade is a long near the first rising trend support (purple line) currently around 1.4470 with targets at 4490, 4520, 4550 and 4580.
On a sustained break below 4460 we will look there is an aggressive setup for further downside with targets at 4440, 4415, 4385 and 4355 for 105 pips.
