I have been watching and waiting for the price to move back up to the descending and it seems its on its way their now, above in the chart you can see the short term descending and long term ascending are lined up nicely and it seems price should move back down before either bouncing off the ascending and continuing the uptrend or breaking out below it.
- I will wait for confirmation on the 4HR time frame before taking a position
- My TP target will be around 0.7209 where there is a key which also lines up for potential bounce off the ascending trendline
From looking across the range of Forex pairs I have published my ideas about there seems to be a general short term bias to relative dollar strength currently in my opinion, as EUR/USD seems to be shaping up for a potential short and USD/JPY is shaping up for a long position as well.
Let me know what you think? is the dollar gaining strength currently or do you have a different outlook!