We are definitely in a decisive area right now.
1.097x-1.1050 is a resistance very hard to crack. By the way structure is forming and FA wise i dont see many reasons for it to be broken in the upcoming weeks. I would rather expect a bounce towards the minimums (1.03/04xx) and that i think is going to be our MT, LT bottom.
The way i think this is: the french elections results should be almost digested and priced in, so from this front we dont have much room to the upside. FED and ECB are still in different cycles so this should be back into investors focus as some risks are being cleared.
But if we do break this area (highly unlikely), i expect the price to consolidate above with a retracement towards 1.06/07x and that will be our low to start loading longs.
Anyway, MT and LT should be looking to buy the dips.
1.097x-1.1050 is a resistance very hard to crack. By the way structure is forming and FA wise i dont see many reasons for it to be broken in the upcoming weeks. I would rather expect a bounce towards the minimums (1.03/04xx) and that i think is going to be our MT, LT bottom.
The way i think this is: the french elections results should be almost digested and priced in, so from this front we dont have much room to the upside. FED and ECB are still in different cycles so this should be back into investors focus as some risks are being cleared.
But if we do break this area (highly unlikely), i expect the price to consolidate above with a retracement towards 1.06/07x and that will be our low to start loading longs.
Anyway, MT and LT should be looking to buy the dips.
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