As you can see from our resistance zone ( red box ) price has used this numerous times as support and resistance, this time some bad news pushed price down into this area again but priced bounced in a bullish manor.
We have some USD news coming out in just over 1 hour and the outlook for this news is better than expected for USD so if this comes in as expected we will see USD strengthen causing this pairing to move bullishly.
Always be careful when trading around high impact news or data releases, use correct risk management... and only take trades from our analysis if they line up with your own analysis, we don't want to be sued if you loose all your money because of our analysis... not that you will loose everything, you could build an empire from our charts ;p
This trade could bag you a quick easy 60ish pips depending on the news that is released.
We have some USD news coming out in just over 1 hour and the outlook for this news is better than expected for USD so if this comes in as expected we will see USD strengthen causing this pairing to move bullishly.
Always be careful when trading around high impact news or data releases, use correct risk management... and only take trades from our analysis if they line up with your own analysis, we don't want to be sued if you loose all your money because of our analysis... not that you will loose everything, you could build an empire from our charts ;p
This trade could bag you a quick easy 60ish pips depending on the news that is released.