I am posting this forex trading analysis a little earlier .  I may take tomorrow off with the US markets closed as it is likely to be a quite day (volume wise) anyway.  Friday as well I imagine will be subject to sharp movements due to limited liquidity.

Anyway, the pair finally snapped out of its range and took out of the profit target of 1.5100-1.5115.  Currently the pair trades right near1.5140.  This is a clear break from the range and appears to have extended further than a stop-hunt would.

Support is now the old resistance levels if we retreat. These levels are 1.5060, 1.5040 and 1.5000-1.4985.  While we did break out, ideally it would be nice to see rates above 1.5100 on Monday.  With soft markets due to holidays in the US this cannot be taken with the same fervor a breakout would during a regular trading week.  Trade the trend but don’t load up until this move is confirmed in some way (multiple closes above 1.5100, a retreat back to support and then a push back higher, etc).

The targets for this move are 1.5280-1.5315.  We have horizontal resistance come in around 1.5280 which is the former low of a trading range from well back in time.  The range that we just broke out of also provides a profit target of roughly 1.5300 (calculated as 1.5060-1.4800=260+1.5060=1.5320).

In the short term if we continue higher the target is 1.5160.  Minor support is at 1.5100.

~Cory Mitchell, CMT

Follow the Trend But Don’t Get Attached to It.

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