We've nearly seen a 100% correction on this pair loosing all the juice on the dollar strength. There is quite of a lot of potential surrounding this pair. Price is expected to be on the oversold territory on the daily timeframe by the time the correction completes at 1.08 as it is already on the 4hr. Likewise the DXY should be heading for a retracement due to resistance broken at 98.35 (see previous post). A strong dollar is good but not for its pairs. There's is a few fundamental activity this week that could increase dollar volatility.
However, I will be eyeing a buy opportunity at the end of this correction due to the underlying motives;
Relative Strength Index - 4hr/Daily Timeframe Oversold
- 100% Correction
- Testing Support.
Contrary, the pair remains a downtrend looking from Daily and Weekly Perspective which is why the 1.08 support is crucial to see price reaction.
However, I will be eyeing a buy opportunity at the end of this correction due to the underlying motives;
Relative Strength Index - 4hr/Daily Timeframe Oversold
- 100% Correction
- Testing Support.
Contrary, the pair remains a downtrend looking from Daily and Weekly Perspective which is why the 1.08 support is crucial to see price reaction.