1) Trend is Bearish(shorts are favored): The pair has been trading in a bearish descending channel for months now.
2) The price hit the bottom of the channel last week, where it formed a major pin bar at that support hinting a potential rebound or at least a period of sideways consolidation
3) So far the rebound has taken the shape of a sideways consolidation.
4) over the near term Shorting the pair near 0.7850 resistance is another possible trade, targeting 0.7830 and and the low of the doji cat 0.7625.But take care of break above 0.7850 resistance.
5) Only a break above the high of the dragon-fly doji candle at 0.7850 might call for more upside correctional movement. In that case look for longs with a target at the cluster of the 50-days SMA and the top of the falling channel near 0.8000 areas.
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Good luck, keep your stops tight..
My best regards
Technician
2) The price hit the bottom of the channel last week, where it formed a major pin bar at that support hinting a potential rebound or at least a period of sideways consolidation
3) So far the rebound has taken the shape of a sideways consolidation.
4) over the near term Shorting the pair near 0.7850 resistance is another possible trade, targeting 0.7830 and and the low of the doji cat 0.7625.But take care of break above 0.7850 resistance.
5) Only a break above the high of the dragon-fly doji candle at 0.7850 might call for more upside correctional movement. In that case look for longs with a target at the cluster of the 50-days SMA and the top of the falling channel near 0.8000 areas.
Be one of the first members of my new trading portal, check my new website thefxchannel.com/ , vote and subscribe. Thank you
Good luck, keep your stops tight..
My best regards
Technician
