Market is still within the congestion zone (marked in gold) over the last 40 days or so. Buying on the lows of this range 1.56700 has definitely panned out.
Hopefully this week we may see a clearer indication as to where this pair can go. Major resistance lies at 1.59500-1.60000 there about. Further up movement would only be triggered once a close and open has happened above there.
Ideally would like to see a push down to the upper bounds of that trend channel and hopefully rejection of that 1.55 area. A close and open below the trend and 1.55 could signal further down movement but again the idea of waiting to see what happens is the best decision for right now.
Hopefully this week we may see a clearer indication as to where this pair can go. Major resistance lies at 1.59500-1.60000 there about. Further up movement would only be triggered once a close and open has happened above there.
Ideally would like to see a push down to the upper bounds of that trend channel and hopefully rejection of that 1.55 area. A close and open below the trend and 1.55 could signal further down movement but again the idea of waiting to see what happens is the best decision for right now.