We are approaching a HUGE monthly resistance @ 1.135 where price has dropped sharply from before and given the fact that the uptrend on this pair is extremely over extended and very over bought given the 12 month straight rally from the bottom of the range. I am expecting a pull back on this pair very soon at least to the previouus high that was taken out.
The pair can very easily fall back into the huge long term Monthly range so the potential for a huge long term trade is on the cards here I will look to SELL this pair on the first daily signal my indicator gives and target atleast 1.10 area and lower.
For this trade to be invalidated you would want a clean break and monthly close above 1.135 until that occurs I am only looking to short this pair as going long around this price level is risky.
The pair can very easily fall back into the huge long term Monthly range so the potential for a huge long term trade is on the cards here I will look to SELL this pair on the first daily signal my indicator gives and target atleast 1.10 area and lower.
For this trade to be invalidated you would want a clean break and monthly close above 1.135 until that occurs I am only looking to short this pair as going long around this price level is risky.
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