I am a bull for this pair for today ONLY.. mainly for the reasons that this pair has reached the weekly pivot target. I therefore expect a short term long trade with 30 to 60 pips.
Market and Price are both flat. Price started the month at MM2 with the expectation of MM4 to be reached but priced turned to the downside at MPP. Price has been ranging for few days between resistance and Psych level at 0.85991 and Psych level and support at 0.84500. Today we saw the break of support and psych level. Stochastic turning back towards oversold.
After the break of support and psych level at 0.84500, market and price shows to be bearish and the Weekly Pivot target has been reached. With this target being reached, we expect profit taking which will subsequently have a reversal of the market. Stochastic support this statement as it is heavily oversold.
market and price are both bearish. This indicating a strong down trend however the target has been reached even on Weekly swing trade as well as daily H1 and M15. I will look for obvious reversal pattern before I consider going long on M5 and M15 charts.
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1 year forex Trading experience.. Still in Training and progressing reasonably well...