The pair retested on out of the three levels that we marked out for as areas of value for the institutions on the upside. We think the bottom is in for the pair as there are little to no downside levels to exploit and the path of least resistance to stop loss hunt seems to be to the upside.
BULL CASE
We expect price to test the 1.385 level before finding more momentum to the upside. The immediate resistance level to test is the 1.4 levels.
BEAR CASE
The downside should be fairly capped for this pair. If price falls immediately next week, we should find some support at the 1.37 to 1.385 levels before finding its way to the upside.
BULL CASE
We expect price to test the 1.385 level before finding more momentum to the upside. The immediate resistance level to test is the 1.4 levels.
BEAR CASE
The downside should be fairly capped for this pair. If price falls immediately next week, we should find some support at the 1.37 to 1.385 levels before finding its way to the upside.