The USA GDP data released last Friday had an opposite effect making the price spike but perhaps the numbers had been priced in on the previous day. It is the last week when price can continue hovering within the limits of the symmetrical triangle (daily chart). The range now is somewhere between 1.1600 and 1.1720, which will narrow to 50 pips by Friday. If the price makes a pennant then the breakout should be downwards but there is no real guarantee to that. Anyone trading the pair will watch for false breakouts too.
The breakout will bring traders between 200 and 400 pips. For confirmation, one will need to make sure the indicators are aligned towards the alleged breakout. I am curious to see the impact of the fundamentals.
The breakout will bring traders between 200 and 400 pips. For confirmation, one will need to make sure the indicators are aligned towards the alleged breakout. I am curious to see the impact of the fundamentals.
Comment:
correction: the range is 1.1620* - 1.1720.
