A strong recovery move is getting under way after today’s trend breach and recent bullish divergence. A rally towards minimally 0.9980 is expected. With stops below 0.9740 this pair offers excellent opportunities for the near term and potentially the medium term as well.
The current recovery is probably the first leg in a much larger and longer term trend reversal higher. We have entered what amounts to about 50% of our anticipated long position.
Near term trend: positive
Long term trend: neutral
Outlook: potential long-term trend reversal
Strategy: long-entry
Support: 0.9740-
Resistance: 0.9980 / 1.0100* / 1.0140 / 1.0210+
Outlook cancelled/neutralized below 0.9740
The current recovery is probably the first leg in a much larger and longer term trend reversal higher. We have entered what amounts to about 50% of our anticipated long position.
Near term trend: positive
Long term trend: neutral
Outlook: potential long-term trend reversal
Strategy: long-entry
Support: 0.9740-
Resistance: 0.9980 / 1.0100* / 1.0140 / 1.0210+
Outlook cancelled/neutralized below 0.9740
Trade closed: target reached