Trading advice: Trade with the range
Although the pair is currently trading sideways on a daily basis, a good idea would be to take advantage of the current range for short term trading. The pair has found support around 1.352 and since then has slowly rebounded..Use the 1.352 as support with a target of the 1.369. Above 1.369 trades could be a bit choppy thus we advise to trim your profit around this area.
Trading advice: Bet on a rebound
Although the pair has been under bearish pressure in the last few hours upside momentum is slowly emerging. Use the 121.3 as support with the 123.6 as your target. The pair could easily rally beyond this point but we suggest slight caution above this level.
Trading advice: Wait for a Break
The pair is gradually gaining bullish momentum and could be gearing for a rebound. Wait for a break of the 135 and use 133.7 as support with 137.4 as your target. Potential could be way above it but above such levels we suggest to trim your profit.
Daily Forex Market Analysis provided by eToro
Disclaimer: Trading in the Foreign Exchange market might carry potential rewards, but also potential risks. You must be aware of the risks and are willing to accept them in order to trade in the foreign exchange market. Don’t trade with money you can’t afford to lose.
