Trading Idea: Primary trade is a long with confirmation above the rising trend support around 1.3790 as long as the trend holds. Targets at 3820, 3845, 3875 and 3900.
Secondary trade is a short on a sustained break of 3770-3775 support area with targets at 3750 (around 38.2% retracement of recent bullish advance), 3725, 3700 and 3670.
3750 will be a key support to watch for any shorts or bearish movements as it is the 38.2% retracement of the Jan 30th – Feb 2nd rise. A break below here indicates further losses. A bounce here will have us looking long for another re-challenge of 1.4000.
Secondary trade is a short on a sustained break of 3770-3775 support area with targets at 3750 (around 38.2% retracement of recent bullish advance), 3725, 3700 and 3670.
3750 will be a key support to watch for any shorts or bearish movements as it is the 38.2% retracement of the Jan 30th – Feb 2nd rise. A break below here indicates further losses. A bounce here will have us looking long for another re-challenge of 1.4000.