DislikedI could look at this on two different thoughts. Look at the long term trend. It's definitely up and has been for a long time. Now check out the monthly chart. It closed as a pin inferring further upside. Now look to the weekly, it does look like it could be a reversal signal, BUT I specifically remember talking about this pair a good while back saying that we would have a solid retracement before continuing the long term trend. I feel that we have and so I think that, yes, there could be more downside but it could be very limited. At the moment, I am flat on this pair, but for the longer term I would be looking to see further upside moreso than downside.
The daily is closing as a bearish pin off of resistance but there is immediate support about 150 pips lower. If I were going to buy in, which I probably will, I would look to see a trst of that level and then buy into this pair.
For the short term, it very well could turn into a great short trade, but I try as much as possible not to go against the long term trend if there is one present.Ignored
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 23,549 Posts
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