If you aren’t already short from the 1.1875 retest, you may want to hold off for now. The pair is quite overextended at the moment so there’s a decent chance we’ll see a rotation higher into 1.1670 resistance next week.
The next key support comes in at 1.1490. And if the price action throughout 2017 is any hint, we could very well see a bounce from this area back to 1.1670. Of course, there’s always the chance that U.S. dollar bulls don’t stop for a breather until 1.1300.
Regardless of what occurs within the present range, as long as 1.1670 holds as resistance on a daily closing basis (5 pm EST), my target will remain 1.1300. If buyers manage to retake the 1.1670 handle, it would signal a false break and re-expose 1.1875 resistance.
Source: bit.ly/2iDITXT
The next key support comes in at 1.1490. And if the price action throughout 2017 is any hint, we could very well see a bounce from this area back to 1.1670. Of course, there’s always the chance that U.S. dollar bulls don’t stop for a breather until 1.1300.
Regardless of what occurs within the present range, as long as 1.1670 holds as resistance on a daily closing basis (5 pm EST), my target will remain 1.1300. If buyers manage to retake the 1.1670 handle, it would signal a false break and re-expose 1.1875 resistance.
Source: bit.ly/2iDITXT