This pair is now at a confluence of resistance at 1.7030/80. Although I drew a channel it’s technically not a channel yet as I want to see at least 2 swing points either side of the channel. The lows confirms the requirement, but we are still waiting for a second swing point at resistance to qualify this as a channel. Clearly this pair is in an uptrend and I won’t take a sell without a proper sell signal, or alternatively wait for a daily close below the trendline. I’m however keeping a close eye on this pair and of course the ECB news tomorrow. Keep this pair on your watchlist and we need to see a strong NZD if we want to sell. I’m not keen to buy the upside of ascending channels as they often lead to false breakouts and same with descending channels and will remain on the sideline for now.


Source: MARYNA

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