Hey Everyone!
I believe this pair has the potential to go down for the following reasons:
- NFP came out positive for the US Dollar
- Strong resistance zone 1.26500
- Psychological level at 1.2600
- Resistance meets the 100 moving average on the weekly
I believe currently it would be wise to wait for that re-test of resistance before entering since the 1-4h & daily timeframes are in a fairly strong up-trend.
I don't think it will last long, however for favorable entry now is not the time to enter, wait for a push to the resistance and then look for a bearish candlestick confirmation to enter, this would give you a great risk-reward and could potentially drop down to re-test the up-wards channel bottom.
Good Luck!
I believe this pair has the potential to go down for the following reasons:
- NFP came out positive for the US Dollar
- Strong resistance zone 1.26500
- Psychological level at 1.2600
- Resistance meets the 100 moving average on the weekly
I believe currently it would be wise to wait for that re-test of resistance before entering since the 1-4h & daily timeframes are in a fairly strong up-trend.
I don't think it will last long, however for favorable entry now is not the time to enter, wait for a push to the resistance and then look for a bearish candlestick confirmation to enter, this would give you a great risk-reward and could potentially drop down to re-test the up-wards channel bottom.
Good Luck!