In the below image, we put a EUR/USD 30 minute chart overlaid with our standard Bollinger Bands (“BB”).
We see higher lows for the last 16 hours and a fairly tight channel moving higher. The risk/reward scenario seems to be pointing towards the 1.4000 level last seen yesterday.
We suggest a Buy Limit order just below market (current bid 1.3924) at 1.3915. Our Stop Loss level order is our first support level of 1.3875 and our Target Level with this trade is 1.4000.
We are willing to lose 40 pips to gain 85.
Stay Nimble!
Stephen Leahy
Back Bay FX Services, LLC
www.backbayfx.com
thanks to FX Solutions for the below image.
