This pair has been trending to the downside since February and its currently down 9%.
For more than 90 days it has been ranging between 0.67762 and 0.65779 providing good opportunities to short from top and long from the bottom with a price range up to 200 pips.What makes this pair unique is that it respects key level zones by providing good risk reward ratio for quite good periods of time whether you are in a work or not.
Me personally took up to 3 trades during this ranging market with great targets.
On Wednesday we broke the previous support on this pair at 0.65779 which causes this pair to be down 1% and being traded between 0.65466 and 0.64917.
What to Expect?
This pair can break below 0.64917 with a good price action and we can target down till 0.6200 areas where we can get bank manipulations.
We can also reject at 0.65787 where the Fibonacci shows 61.8 and 71.8 rejections level with good risk managment to target.
If these two things dont happent we do not anticipate on any kind of trade for this pair.
For more than 90 days it has been ranging between 0.67762 and 0.65779 providing good opportunities to short from top and long from the bottom with a price range up to 200 pips.What makes this pair unique is that it respects key level zones by providing good risk reward ratio for quite good periods of time whether you are in a work or not.
Me personally took up to 3 trades during this ranging market with great targets.
On Wednesday we broke the previous support on this pair at 0.65779 which causes this pair to be down 1% and being traded between 0.65466 and 0.64917.
What to Expect?
This pair can break below 0.64917 with a good price action and we can target down till 0.6200 areas where we can get bank manipulations.
We can also reject at 0.65787 where the Fibonacci shows 61.8 and 71.8 rejections level with good risk managment to target.
If these two things dont happent we do not anticipate on any kind of trade for this pair.