This pair is in very interesting place.
Break through the trendlines is inevitable, just a small matter of 'when'.
If I had to guess, I'd say the eventual long-term break will be to downside, but we'll see how it goes.
In the meanwhile, there's some serious profit to be made, and make I shall.
Right at this moment:
(inclined to short, but I'll wait for the confirmation)
Short-term long opportunity if bounces from upward parallel line (credit: @Fxprotrader) which coincides with downward line.
If starts to move up, looking to take profit at 0.9830 and trailing to 0.9930 and looking for a spot to short if doesn't break above lines.
Short-term short opportunity if breaks below.
If breaks below, looking to take profit around 0.9600, trailing the stop in the case it might keep going down, and if bounces from the lines long it back up to 0.9900 area.
Break through the trendlines is inevitable, just a small matter of 'when'.
If I had to guess, I'd say the eventual long-term break will be to downside, but we'll see how it goes.
In the meanwhile, there's some serious profit to be made, and make I shall.
Right at this moment:
(inclined to short, but I'll wait for the confirmation)
Short-term long opportunity if bounces from upward parallel line (credit: @Fxprotrader) which coincides with downward line.
If starts to move up, looking to take profit at 0.9830 and trailing to 0.9930 and looking for a spot to short if doesn't break above lines.
Short-term short opportunity if breaks below.
If breaks below, looking to take profit around 0.9600, trailing the stop in the case it might keep going down, and if bounces from the lines long it back up to 0.9900 area.
