Bullish engulfing close on monthly above 1.12100 key mid level between 1.07500 and 1.16700.
RSI is in oversold territory indicating bottom of downtrend.
MA cross on Daily whilst acting as support and resistance on Weekly time frame and as we have closed below 88.6 fib we can see significant drops lower before a big rally up.
Mid Term bullish, but short term, bearish.
Assuming people wish to profit take and if fundamentals drive market lower, in particular Greece's payment to IMF on 6th and 12th of May 2015.
The revised figure of NFP makes the dollar more attractive too.
This is due to be a very interesting week, hopefully the market validates this trade, this is just a possible scenario.
RSI is in oversold territory indicating bottom of downtrend.
MA cross on Daily whilst acting as support and resistance on Weekly time frame and as we have closed below 88.6 fib we can see significant drops lower before a big rally up.
Mid Term bullish, but short term, bearish.
Assuming people wish to profit take and if fundamentals drive market lower, in particular Greece's payment to IMF on 6th and 12th of May 2015.
The revised figure of NFP makes the dollar more attractive too.
This is due to be a very interesting week, hopefully the market validates this trade, this is just a possible scenario.