This article was posted on Thursday, 11:04, UTC.
The market moves in a range. The horizontal price channel is formed by 1.50 support and 2.000 resistance levels. The market has potential for upward movement and we should trade based on a breakout from this horizontal channel. Pending orders for buy must be placed above the resistance level in order to catch strong upward movement which can be after the breakout. Stop orders must be placed below 1.70 level and take-profit orders at the resistance levels. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.
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Profit Targets: 3.50 and 5.00
The trading signal is based on Kraken chart.
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Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.