Hi folks, I usually don't trade this pair, but the set up is getting interesting:
This is my view off the monthly and Daily TF:
Monthly, weekly and Daily TFs reached D extensions, the first graph is off the monthly TF and you can see a strong res area @ around 2.2118 that's been tested in 2008 and 2009, if resistance hold, I expect this pair to test support @ 2.14 and the ultimate support area is @ 2.02, this is about 1.700 pips away, do you think it's possible?
I do, but be careful, look for opportunities on the smaller TFs, this pair if overbought for a long time and needs a correction. I'd only buy on the dips or if resistance gets broken.
Happy pips everyone.
Fx 35
This is my view off the monthly and Daily TF:
Monthly, weekly and Daily TFs reached D extensions, the first graph is off the monthly TF and you can see a strong res area @ around 2.2118 that's been tested in 2008 and 2009, if resistance hold, I expect this pair to test support @ 2.14 and the ultimate support area is @ 2.02, this is about 1.700 pips away, do you think it's possible?
I do, but be careful, look for opportunities on the smaller TFs, this pair if overbought for a long time and needs a correction. I'd only buy on the dips or if resistance gets broken.
Happy pips everyone.
Fx 35