Price Seeking support by the Monthly Pivot Point before NFP.
As long as price is trading above the Monthly Pivot Point at 1.1326 and the Yearly R1 at 1.1305
the pair looks constructive, though it is trading at the top of its range, going back to early 2015.
Currently price has tested the new Monthly PP and seems to have found support for now.
A taking out of the top at 1.1443 will open up for a move to the Monthly R1 at 1.1534.
Buying signals on lower time frames could be used to long the pair, aiming for Monthly R1, with
a stop below the pinbar/spike @ 1.1311 or with jiggle room also below the Yearly R1 at 1.1305
as it hasn´t been properly retested yet, though just shy which market sometimes equates to a test.
With NFP tomorrow, entries at this point is much more risky, due to increased volatility and chances for
being spiked out. It is a classic problem with TA that nice looking entries appear before increased
volatily. If long positions, try to remove risk once price has moved in the right direction, even if it
means increased risk of being zeroed out.
Else, wait for the dust to settle and reevaluate the chart with the new hints market will give.
the pair looks constructive, though it is trading at the top of its range, going back to early 2015.
Currently price has tested the new Monthly PP and seems to have found support for now.
A taking out of the top at 1.1443 will open up for a move to the Monthly R1 at 1.1534.
Buying signals on lower time frames could be used to long the pair, aiming for Monthly R1, with
a stop below the pinbar/spike @ 1.1311 or with jiggle room also below the Yearly R1 at 1.1305
as it hasn´t been properly retested yet, though just shy which market sometimes equates to a test.
With NFP tomorrow, entries at this point is much more risky, due to increased volatility and chances for
being spiked out. It is a classic problem with TA that nice looking entries appear before increased
volatily. If long positions, try to remove risk once price has moved in the right direction, even if it
means increased risk of being zeroed out.
Else, wait for the dust to settle and reevaluate the chart with the new hints market will give.