This is just a wonderful commodity to trade. If there were no broker swaps (holding costs) in this, then it would be even better.
We had some good selling and now we might recover a bit of that.
We are approaching some key levels right now and this could just play out nicely.
The level that I'm watching is 4.15 and then higher. If we close above 4.15 strongly, then the next one watch out for will be 4.30 (23.6%).
But the 4.15 level is also a strong potential resistance level, because we have the trend line running there, which will be tested underneath and we have the 20 SMA of the Bollinger Band.
At this point in time, I would say it's a BUY, to capture a few pips. Once you're in profit, then move you SL just above the entry price, in case it will decide to reverse quickly.
Happy trading and keep your eyes on the price action!
We had some good selling and now we might recover a bit of that.
We are approaching some key levels right now and this could just play out nicely.
The level that I'm watching is 4.15 and then higher. If we close above 4.15 strongly, then the next one watch out for will be 4.30 (23.6%).
But the 4.15 level is also a strong potential resistance level, because we have the trend line running there, which will be tested underneath and we have the 20 SMA of the Bollinger Band.
At this point in time, I would say it's a BUY, to capture a few pips. Once you're in profit, then move you SL just above the entry price, in case it will decide to reverse quickly.
Happy trading and keep your eyes on the price action!
