Rubber band from the news coming....
Looking at a short term down trend/consolidation style action over the last week, and price is back between and a bit stuck, and also take into account we have already used one of the 2 major demand zones from below. Price is starting to push back into the lower ranges probably with support from the general down looking consolidation action.
It will come back up again, likely during the news spikes.
1.086 looks interesting, but that's the most likely place to have an entry and stop below, and likely to be pre-news, so no...
1.083 was just used, so it's probably depleted at this point from the strong move back up, so it's likely to not hold very well in a news spike....
1.08 - 1.081 is the lowest demand zone, and probably the most likely to contain enough orders unfilled to provide support for a news spike, with 1.0788 being the low of the pattern still in effect, with a great low risk High R trade on a news entry. There is enough major news to give a large swing and then finally snap above 1.09 for good this time I would think, with 1.101 being the ultimate target above the last major sell off from 1.096-7
May take entry if the price action shows support from one of the 3 highlighted areas, but I would have to take a very tight stop, because that is a large swing area if price is running "out of control". Ultimately we will go up I'm thinking, but with so many pips of range, it's a situation of split the overall risk into smaller stop entries, or, safest play, to set the bottom entry, or wait for the dust to settle some and slow down before any other points get considered.
Expecting 1.081 to be the entry off the spike, with other levels possibly showing support in the aftermath if it doesn't rocket back up from the bottom, but I expect it most likely will just take off for the moon.
It will come back up again, likely during the news spikes.
1.086 looks interesting, but that's the most likely place to have an entry and stop below, and likely to be pre-news, so no...
1.083 was just used, so it's probably depleted at this point from the strong move back up, so it's likely to not hold very well in a news spike....
1.08 - 1.081 is the lowest demand zone, and probably the most likely to contain enough orders unfilled to provide support for a news spike, with 1.0788 being the low of the pattern still in effect, with a great low risk High R trade on a news entry. There is enough major news to give a large swing and then finally snap above 1.09 for good this time I would think, with 1.101 being the ultimate target above the last major sell off from 1.096-7
May take entry if the price action shows support from one of the 3 highlighted areas, but I would have to take a very tight stop, because that is a large swing area if price is running "out of control". Ultimately we will go up I'm thinking, but with so many pips of range, it's a situation of split the overall risk into smaller stop entries, or, safest play, to set the bottom entry, or wait for the dust to settle some and slow down before any other points get considered.
Expecting 1.081 to be the entry off the spike, with other levels possibly showing support in the aftermath if it doesn't rocket back up from the bottom, but I expect it most likely will just take off for the moon.
Order cancelled:
News started out the wrong way, expected it to stop out a bunch of people first, that didn't happen
