EUR/USD... Monthly Chart, Moving in uptrend along the yellow rising trendline. After reaching the top around 1.60 level, EU retraced back to trendline, Consolidating along the trendline for last 14+ months.
The Horizontal Lines at 1.05400 coincides with the trendline to give strong Support, The Level acted as a Strong Support in the past 14 months and in 1997 and 2001-2002 zone..The immediate level 1.0790-1.0780 is again a Strong Support from the Past and acted as a big support area in the recent past. While on the upside, The Trendline Channel Resistance and Horizontal Line Resistance Working together around 1.1470-1.1480 zone, makes it tough to cross now..
My Recommendation will be :-
BUY EUR/USD on any dip with Immediate SL at 1.0740, 40 pips Below the Support and with a Target of 1.1400+ , According to Today's (09th March 2016) Price 1.0970, and ECB announcements Tomorrow on 10th March 2016... buying can be done in 2 parts around 1.0970 and 1.0880 / SL 1.0740 / TP 1.1400 .. The Trade will bear a Risk of 230 pips from the Highest Buy levels and Reward of 430 pips from the Highest Buy Level.
For a Medium to Long Term Prospective,
Buy on Every dip around 1.0780 and 1.0640, with a SL around 1.0500 and a Target of 1.0780 - 1.1400
This View is based on Technical Analysis of Charts and It's My Personal View, May differ with Others views or analysis.. Trading Decision is all yours. Follow Strict Management to Trade and Consider Maximum Possible Loss before Entering the Trade.
The Analyst is Having 8 years of Experience in Forex and Stock Markets. Providing Advisory, Signals Services to Clients across the World since a Long time of 5+ years.
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