Today's FOREX Trade of the Day was a long EUR/GBP position.
Entry Buy: 0.7836
Exit Sell: 0.7856
Notional Intraday Profit: +20 pips
Today's intraday Low of 0.7836 was right around the 38.2% retracement of yesterday's Daily range, rendering the retracement level a profitable Entry Buy level.
Today's intraday High of 0.7858 was above the 23.6% retracement level of the range from the October High through the November intramonth Low, rendering the retracement level a profitable Exit Sell level.
Looking at the Monthly chart below, we can see recent tests of the 0.7783 level, relating to the 61.8% retracement of the January 2007 Low through the December 2008 High. We can also see cross holding above the 0.7740 level, representing the 50% retracement of the May 2000 Low through the December 2008 High - representing the Lifetime historical range of the Euro.
Downside price objectives include 0.7740, 0.7500, and 0.7315.
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