Today's FOREX Trade of the Day was a long EUR/USD position.
Entry Buy: 1.2671
Exit Sell: 1.2699
Notional Intraday Profit: +28 pips
Today's intraday Low of 1.2671 was right around the the 38.2% retracement of Friday's Daily range, rendering the retracement level a profitable Entry Buy level.
Today's intraday High of 1.2713 was below the 38.2% retracement level of the range from the 21 October High through the 23 October Low, rendering the retracement level a profitable Exit Sell level.
Looking at the EUR/USD Monthly chart below, we can see how technical this trade has been with the intramonth High above a key retracement area dating to July 2008 and the October intramonth Low right around the 23.6% retracement of the range from July 2012 Low through the 2014 High.
Upside price objectives include 1.2782, 1.2853, 1.3054, 1.3247.
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