This pair has been sitting within it's range for a few weeks, following a longer term bearish channel prior to this. We have seen a small breakout to the upside from this channel and are looking to see how this reacts now.
We could expect to see a small pullback to the previous resistance of that channel, now acting as support and a bullish bounce off of that. As this is (at the moment) is only a small breakout there could be uncertainty and indecisiveness from the market on this move. Wait for confirmation of a potential bounce before any decision is made.
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We could expect to see a small pullback to the previous resistance of that channel, now acting as support and a bullish bounce off of that. As this is (at the moment) is only a small breakout there could be uncertainty and indecisiveness from the market on this move. Wait for confirmation of a potential bounce before any decision is made.
Follow for more.