A daily close (5 pm EST) below 1.1875 would also expose the August lows near 1.1670. A break there would pave the way for a move toward the mid-July pivot at 1.1490.
As always, what happens on the intraday charts doesn’t mean much. Today’s close at 5 pm EST will tell the real story; it will be a crucial one for both buyers and sellers.
I remain short from just above the 1.2040 resistance level. It’s a position I’ve had on since the September 8th bearish pin bar. I’ll consider adding to the short position if and when sellers secure a daily close below 1.1875.
Alternatively, bullish price action from 1.1875 would signal another move higher. That said, it’s going to take a daily close above 1.2040 for bulls to keep this rally alive.
Source: bit.ly/2fljxJf
As always, what happens on the intraday charts doesn’t mean much. Today’s close at 5 pm EST will tell the real story; it will be a crucial one for both buyers and sellers.
I remain short from just above the 1.2040 resistance level. It’s a position I’ve had on since the September 8th bearish pin bar. I’ll consider adding to the short position if and when sellers secure a daily close below 1.1875.
Alternatively, bullish price action from 1.1875 would signal another move higher. That said, it’s going to take a daily close above 1.2040 for bulls to keep this rally alive.
Source: bit.ly/2fljxJf