I'm not sure if any one of you have been whipsawed last week, but Friday was definitely one heck of a trading day. That was a result of the release of unemployment statistics. As mentioned before and in the video, we are all TECHNICAL TRADERS. Henceforth, we will not be bothered by such news, right? *wink wink*
The pair has been bouncing around the 0.9200 and 0.9280 price range for the past week or so. With the faster moving averages crossing below the slower MAs, along with significant resistance using , we are expecting this pair to continue its downward movement. We will be expecting to take profit at 0.9110, which we will then plan for our next trade accordingly.
With the pair hitting the of the first , we are waiting for a retracement back to 1.6790 before longing this currency pair.
This pair went absolutely crazy last week, as I could have taken lots of profit, until it sank back down. I'm calling this a short as the selling pressure is very high, if you look at the hourly charts.