This pair have now been down trending for nearly 2 months so momentum and profit-taking are moving in.There are 2 supports levels it needs to break to continue its down trend.
Personally, I'm not waiting for the break consolidation to go long as I want to be in the trade early but if it does go aginst me I fairly confident I can still make good profits and cover ...
Moving strongly to wave three and the fib 61.8. I will now wait for a move from wave 4 before moving my stop to just below wave 2.
I will keep close eye on the break of wave 5 as i have shown yesterday.
Fundermently nothing in the calendar to scare both currencies this week.
Although it is in a bearish trend on 4 hourly and the hourly it's hitting a 61.8 retracement now and i think it will need a pull back now.
If this does manage to break Target 1 i will leave until Target 2 then will reposition at 115 approx heading all the back to 117/118