Currently the market is at the Daily Pivot so if we stay below here I think the next move will be to the downside...If above we get captured buy the overhead resistance evident... Now obviously we know 1.1380/1.1425 is that magical key level....and only if the $ index breaks below 96.00 we could be in with a chance of it reaching there...
Can it break 1.1425....It isn't looking likely at the moment...Weekly charts still point lower...and now do the daily and 4 hourly ones...
Cover any short positions down to 1.1270....That is to cover ourselves....we could attempt longs down here...we would have to put stops quite a way lower however, and that would have to be beneath the lows down at 1.1219/12...
Only If we broke these would the market start coming under pressure...but for now I think given the way the indicators are we need to sell rallies looking for a move lower...
Can it break 1.1425....It isn't looking likely at the moment...Weekly charts still point lower...and now do the daily and 4 hourly ones...
Cover any short positions down to 1.1270....That is to cover ourselves....we could attempt longs down here...we would have to put stops quite a way lower however, and that would have to be beneath the lows down at 1.1219/12...
Only If we broke these would the market start coming under pressure...but for now I think given the way the indicators are we need to sell rallies looking for a move lower...