Today's FOREX Trade of the Day was a short EUR/NZD position.
Entry Sell: 1.5986
Exit Buy: 1.5887
Notional Intraday Profit: +99 pips
Today's intraday High of 1.5988 was above the 38.2% retracement of yesterday's Daily range, rendering the retracement level a profitable Entry Sell level.
Today's intraday Low of 1.5875 was below the 76.4% retracement level of the September Monthly range, rendering the retracement level a profitable Exit Buy level.
Looking at the Monthly chart below, we can see the market may test the 1.5848 level, representing the 61.8% retracement of the Low from August 2012 through the High of August 2013.
Downside price objectives include 1.5848, 1.5654, and 1.5510.
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