Hi Folks:
My target on this pair was almost achieved, few pips left, but the current consolidation at this level makes me think that we could have soon some sort of suprise movement for bears heading to 1.065.
Currently trading below major EMA's on daily timeframe so we are still under bear's hands.
USA is recovering much better and earlier than in Euroe so they may start rising rates earlier than expected earlier than Europe and that would help the USD against most pairs.
Europe seems to be more conservative at the moment, specially after the new covid wave hitting the EU zone harder than in USA.
So my strategy in this pair remains unchanged. Open longs at the purple arrow area, around previous low at 1.11680, and SL below 1.11. If we break out below the support line then will open SHORTS till the next target at 1.065.
After the rally from 1.20 to 1.12 many people is expecting a reversal and that's why you should consider a possible bear scenario towards 1.065.
STAY SAFE! Cheers.
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My target on this pair was almost achieved, few pips left, but the current consolidation at this level makes me think that we could have soon some sort of suprise movement for bears heading to 1.065.
Currently trading below major EMA's on daily timeframe so we are still under bear's hands.
USA is recovering much better and earlier than in Euroe so they may start rising rates earlier than expected earlier than Europe and that would help the USD against most pairs.
Europe seems to be more conservative at the moment, specially after the new covid wave hitting the EU zone harder than in USA.
So my strategy in this pair remains unchanged. Open longs at the purple arrow area, around previous low at 1.11680, and SL below 1.11. If we break out below the support line then will open SHORTS till the next target at 1.065.
After the rally from 1.20 to 1.12 many people is expecting a reversal and that's why you should consider a possible bear scenario towards 1.065.
STAY SAFE! Cheers.
-------------------------------------------------
Remember, if you liked this idea don't forget to click LIKE and FOLLOW. That will encourage me to continue charting for you.