- 200 Day acting a formidable support at 1.1100.
- Profit taking should take place at this point, temporarily halting the bear run that began in early May.
- Provided that the Fed is on course for a Rate Hike in June, I maintain a bias on this pair.
- With that being said, I look to the 1.22 - 1.23 zone for further Shorts due the technical confluence presented on the chart. The 25-Day can also be extrapolated to this area that should act as good resistance.
- Alternatively, a Weekly close below the 50 Week would be further indication for increased traction.
- Provided that the ECB and FOMC Rate Path and Monetary Policies remain at a differential, the pair should experience a general slow creep to the downside, especially now that a major ascending trend-line has broken (on chart)
- 1.118 holds as Resistance on a break of the shown on the H4 TF.
- Price remains trapped within a range bound by the the 25-Week and the 50 Week up until the lead-up to June FOMC Rate Decision.
Long term Short-side Target at 1.100.
Stops below 200 Day SMA.
New Long position was opened.