On friday before session end, price managed to break out of the range it was trading in from the start of the week. This shows a potential setup for next week. I've got two short setups on this pair.
First setup is to wait for price to break the 118.45 level and enter upon a retest. Stops 3.5 pips above previous high. Second setup is if the price will aim to retest 118.70 region before going down, to retest the trendline and resistance.
Short bias would be invalidated if price will gain momentum and push strongly through 118.70 resistance area and close above. A momentum kicking in in any direction will confirm the bias for next week. If price was to gain momentum to the upside and break 118.70 resistance, long trades can be executed upon a retest and/or retracement rejection. Target for long trade is 119.70, stops 3-5 pips below the rejection candle closure.
First setup is to wait for price to break the 118.45 level and enter upon a retest. Stops 3.5 pips above previous high. Second setup is if the price will aim to retest 118.70 region before going down, to retest the trendline and resistance.
Short bias would be invalidated if price will gain momentum and push strongly through 118.70 resistance area and close above. A momentum kicking in in any direction will confirm the bias for next week. If price was to gain momentum to the upside and break 118.70 resistance, long trades can be executed upon a retest and/or retracement rejection. Target for long trade is 119.70, stops 3-5 pips below the rejection candle closure.
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