In mid April, I had posted here about further price decline on the pair and could test the 1.38 level. Now we have seen the price breaking below that level and it is a good time to enter for the upside move. Any downward price movement from here is going to be limited considering the take-profit target at 1.421.
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@atys, I doubt it would break to the downside that low after we saw 1.39 tested. This retracement is very similar in structure to CADJPY during mid May where it pulled back strongly and then it continued the move up to break above 86. In my opinion, this pullback is opportunity to enter.
atys
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@SureFire_Trader, It appears to be grinding towards the year low though. Have been eyeing 61.8 FIB (Jun 2016) and Jul 2014 trend line. Thanks.
javid1988
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hi. is it ok to buy now or shall I wait more to 1.36
SureFire_Trader
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@javid1988, if you could get the opportunity to enter at 1.36, that will be great and seize it. I had my first entry at 1.38 and have have appropriate stop level for the 400pip move. Price bounced off 1.37 and could retest 1.37 again. However if we see price break above 1.382 within this week or next, then 1.36 could be a long stretch.
@javid1988, No prob. FYI, we are seeing break to the upside right now with strong impulse. Not certain whether we'll get to see 1.37 again. Good luck:)