We discussed the technical context behind this setup in yesterday’s article, Old Trend-line Resistance, New Support. Since that article was published, we got another test of the projected trend-line, opening the door for top-side continuation entries.
Stops on the position can be set below the confluent batch of prior support and the previous price action swing low at 112.00. At the 115.37 level, stops can be adjusted to break-even, with top-side targets set at 117, 118.40, and then 119.90.
Chart prepared by James Stanley
--- Written by James Stanley, Analyst for DailyFX.com
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