A still firmer rebound as we had anticipated for Tuesday to build on the bullish outside and engulfing pattern Monday to probe above 119.75 and aim for a further upside targets in the broader range.
- We see an upside bias for 120.12; break here aims for 120.45, maybe 120.85, which we would look to try to cap.
- But below 119.28 opens risk down to 118.93, which we would look to try to hold.
Short/ Intermediate-term Range Parameters: We see the broader range defined by 121.20 and 118.14.
Range Breakout Challenge
- Upside: Above 121.20 aims higher for the new 122.02 peak and to a key long term retracement at 122.45.
- Downside: Below 118.15 sees risk lower for 117.17 and 116.64.
Forextraders' Broker of the Month
ForexTime (FXTM) is an award-winning platform that certainly has the feeling of being set up by people who know what they are doing. The firm demonstrates an understanding of what helps traders make better returns, and its success can be measured by the fact that it's doubled the number of clients it supports in recent years. The fact that the broker has grown to have more than two million accounts suggests it is getting things right for clients.