Fundamentally, Italy has made agreement with European Union on their budget issue that caused EUR appreciated against USD and broke through the descending trend line since October 16th. Brexit is still struggling at the moment but we can expect the negotiation turn out to be positive.
Technically, price is potentially forming a Head-Shoulder Bottom structure. If the structure forms we can expect the price to further appreciate to meet the descending trend line since September 24th.
1. Aggressive traders may take a long position at 1.14950-1.15000. Take profit at 1.15300. Stop loss at 1.14650.
2. Safe traders shall wait until the head-shoulder bottom structure forms to take long position at around 1.15300. Take profit at 1.15660. (Green arrow)
3. In case AUD depreciates due to sudden events, take short position only when the price is confirmed to break through 1.14950. Take profit at 1.14650.
Technically, price is potentially forming a Head-Shoulder Bottom structure. If the structure forms we can expect the price to further appreciate to meet the descending trend line since September 24th.
1. Aggressive traders may take a long position at 1.14950-1.15000. Take profit at 1.15300. Stop loss at 1.14650.
2. Safe traders shall wait until the head-shoulder bottom structure forms to take long position at around 1.15300. Take profit at 1.15660. (Green arrow)
3. In case AUD depreciates due to sudden events, take short position only when the price is confirmed to break through 1.14950. Take profit at 1.14650.