On an intraday perspective the pair has reached local support and is heavily oversold making the start of this week perfect for a short-term buy. Federal Funds Rate will be decided on Wednesday so we'll probably see the bears step away from this one until the decision is published. Also, ending last week upwards and the prediction from Wells Fargo there's going to be TWO fed rate cuts in 2019 to make the interest rate go from 2.50% to 1.75-2.00% is contributing to this pair going up for now. We want to keep an eye out for 0.70100, the local resistance, breaking that and next up is 0.70350.
Comment:
Damn snipe trade this one was