From here I favor a move back toward the September low at 0.8744. A break below that would target the 0.8600 handle and perhaps even the current 2017 lows near 0.8370.
Keep in mind that all of this is unfolding following the break of channel support on September 12. That was a significant breakdown in the sense that it ended the uptrend which began in May.
The 0.8880/90 area could also attract a few bids on the way down. In fact, I’m seeing it happen as I write this post. But this could also offer an opportunity to get short if you missed an entry during yesterday’s selloff.
Of course, we’ll have to see how price reacts to the 0.8880/90 area to know for sure. And since today is Friday, it might be a good idea to wait until Monday to make a decision. That way you aren’t exposing your account to the possibility of a weekend gap.
As always, the decision is yours. My preference is to continue to watch for selling opportunities for an eventual retest of last month’s low at 0.8744.
And because of the September 12 break of channel support, my bias will remain tilted toward the current 2017 lows near 0.8370. It would take a daily close above 0.8980 to alter my bias.
Source: bit.ly/2ygcdcY
Keep in mind that all of this is unfolding following the break of channel support on September 12. That was a significant breakdown in the sense that it ended the uptrend which began in May.
The 0.8880/90 area could also attract a few bids on the way down. In fact, I’m seeing it happen as I write this post. But this could also offer an opportunity to get short if you missed an entry during yesterday’s selloff.
Of course, we’ll have to see how price reacts to the 0.8880/90 area to know for sure. And since today is Friday, it might be a good idea to wait until Monday to make a decision. That way you aren’t exposing your account to the possibility of a weekend gap.
As always, the decision is yours. My preference is to continue to watch for selling opportunities for an eventual retest of last month’s low at 0.8744.
And because of the September 12 break of channel support, my bias will remain tilted toward the current 2017 lows near 0.8370. It would take a daily close above 0.8980 to alter my bias.
Source: bit.ly/2ygcdcY
