Looking at the weekly chart, we can see that the bearish trend is still very much intact since its peak in 2008. It has been on a downtrend for the past 14 years !!!!
Currently, we see multiple support at 1.05 price level and this is a crucial level to watch. If it holds, we might see a possible rebound first to 1.07 then 1.09.
There remains a possibility that it can continue its selling agains the dollar in weeks/months to come and break down below 1.05 and head towards parity.
At this juncture, it is way too late to short as it is at a low level and too premature to go LONG. Just wait and see.
Currently, we see multiple support at 1.05 price level and this is a crucial level to watch. If it holds, we might see a possible rebound first to 1.07 then 1.09.
There remains a possibility that it can continue its selling agains the dollar in weeks/months to come and break down below 1.05 and head towards parity.
At this juncture, it is way too late to short as it is at a low level and too premature to go LONG. Just wait and see.
Comment:
took a nibble now ....hehe
Comment:
we are now revisiting the 2017 low and if USD continues to go strong, we can expect this pair to continue to head south. Paper loss now.