Trading recommendations:
- The market has been moving between 1.0615 and 1.0543. Consequently, we expect the following scenarios:
- First outlook: buy (buy limit) above 1.0543 with the first target at 1.0666, it might resume towards the first resistance at 1.0615 in order to test the weekly pivot point;
- Second outlook: look for further downside with the targets at 1.0563 and 1.0540 targets below the level of 1.0615. Also, it should be noted that the new double bottom will set at the level of 1.0543.
Notes:
- Stop loss should never exceed your maximum exposure amounts.
- We expect a new weekly range about 249 pips.
- Risk of 166 pips must make profit of 249 (a risk to reward ratio of 1:1.5 is recommended)
- As a rule, the market is highly volatile if the previous day had huge volatility.
- Volatility: 85.50, therefore the market indicates the higher volatility.
