DislikedGH, yes it is obvious resistance at the 1.2400 area, I would have liked to see this break today, it hasn't yet.
Just because the resistance at 1.2400 is does not make it a bad setup IMHO. A bar this size could easily break through that area and give us a close above it.
I personally feel that given the monthly PB combines with the weekly monster BUEOB, that price is going to break out of that area, in no uncertain terms. When, who knows. That is why trade price action, right?Ignored
You are right about the strenght of the bar. It could break that resistance but taking into the consideration how close it is i will personally wait for breakout and retest or some kind of retracement entry but untill then my bias is short. The trend is down and we are dealing with very uncertain markets imo and bad news might be just around the corner waiting to trigger another risk-off action. I will be wishing You good luck from sidelines on this one.
All the best