Long term trend: Up
Medium term trend: Down
Significant Levels: 0.7370 - 0.7460 (Horizontal Support), 0.7660 (Horizontal Resistance), 0.7000 (Significant Round Number), Fibonacci Retracement
Currently, the price is just below the 50% Fibonacci Retracement level. As we are still bearish on this market, we would look for a probable Short trade. We would prefer to look selling this pair near the 38.2% retracement because that level is near our current resistance.
Today's price opened around 50 pips above the previous close. This indicates that bulls were in control. Although that is the case, we are still going to Short this currency pair and would look to sell near the resistance. For now, we should be patient and wait what the market will tell us.
Trade well.
Medium term trend: Down
Significant Levels: 0.7370 - 0.7460 (Horizontal Support), 0.7660 (Horizontal Resistance), 0.7000 (Significant Round Number), Fibonacci Retracement
Currently, the price is just below the 50% Fibonacci Retracement level. As we are still bearish on this market, we would look for a probable Short trade. We would prefer to look selling this pair near the 38.2% retracement because that level is near our current resistance.
Today's price opened around 50 pips above the previous close. This indicates that bulls were in control. Although that is the case, we are still going to Short this currency pair and would look to sell near the resistance. For now, we should be patient and wait what the market will tell us.
Trade well.