Likely to range for a while before more downside.

Given the pin bar formed on last Friday, we have established the current resistance at around 1.540. In term of mid term, we have 1.560 (blue box) acting as a resistance and a lower high. Short position is favored due to both short term and mid term trend being aligned. However expect some sideway movement between the two beige color box before price breaking down towards 1.510. It seems that CAD is going strong this week, hence most xxxCAD pairs are likely to fall. Using the boxes as a guide, place your shorts with appropriate risk.

Comment:

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Trade closed: target reached:

Closed after a month of holding. But no biggie coz positive swap ftw!