If I was the smart money, I would think I would want to go down to the 1.3000 mark or just a few pips below, grab every bear by the fur and bulldoze on up. I would think that that would be a better plan than stopping here and making a run back up. All the bulls profit is at or just below 1.3000. I truly believe that the smart money around the London open will push down to that level, just a few below, and then if the bulls are really going to be back in this, that's when we will see the reversal, not 35-70 pips above that mark. But who knows, the bears may have the juice to break 1.3000-1.2975ish and if that happens, we won't see a reversal for some time, maybe the 1.2600 area.
I'm personally still very bearish and hoping for that break of 1.2975ish.
I'm personally still very bearish and hoping for that break of 1.2975ish.