DFM Technical OverviewPosted on Thursday, July 20 2017 at 4:46 am GMT+0000
New upwards trend.
Having the current trend behavior we believe that long term scenarios will be on hold for the present time, and traders shall refrain from accumulating long positions. While in the medium term, a change in the outlook with the break above the daily reversal level of 1.21 has signaled for extended rally towards 1.28. That move should have been attracted traders of both the medium and short term to start accumulating new positions. In the medium term the shoulder found at 1.10 has lately gained significance as the level that is containing further Bearish pressure, and therefore can act as a prospective stop for recently activated positions. And with the short term initial target reached, traders can take this opportunity to trail positions to the entry level.