Daily Chart
Monthly Chart
Preference:
Long positions above 1.0950 with targets 1.1450, 1.1700, 1.2300
Global S/L – 10450
Buy Limit 1 at 1.1120 S/L 1.0950 (170 pips),
Buy Limit 2 at 1.1015 S/L 1.0950 (65 pips)
T/P-1 1.1450 (320 – 425 pips), Risk 1:2
T/P-2 1.1700 (580 – 685), Risk 1:4
T/P-3 1.2300 (1180 – 1285 pips), Risk 1:7
Period of Time:
6 – 12 Months
Basis:
- Fundamental Idea – Nothing globally has changed from the last year.
- Do not expect surprises on upcoming ECB press conference. Bid rate and deposit rate forecasts have been kept unchanged.
- Speculation ahead of Brexit on June 23, can trigger Euro growth.
- EURO LTRO program ending in next year spring.
- FED rate hike in doubt.
- Technicals – Two bullish engulfing candlesticks formed from previous ECB statements and Mario Draghi speeches.
- Touch of bottom support line of daily uptrend can lead to pull-back.
- Double button pattern forming on daily and weekly chart.
