Even though we have been waiting for the pair to test the M_PP level from below in the last couple of weeks, the pair is trading in a range just below this level but not reaching it. On the end of last week we saw a high momentum bullish rally so we believe if this momentum is continued on the beginning of this week we will have a retest of the M_PP. Then we will be looking at the price action and possibly try to take a short position around this level if we see enough evidence that this area will hold enough as resistance.
Comment:
The pair continues to move in a narrow range so not pretty much action from the price. We are expecting the price to reach M_PP at 0.74673 and then look for a short position but as the things stand this may be a bit far from now.
Comment:
The pair acted as expected on this week, making a strong move on the upside to test the resistance structure near M_PP at 0.7467 and then reversing down for more than 60 pips. The M_PP resistance area will be crucial structure during our weekend analysis too.