Yesterday, I said to go long from 1.0808 or short from 1.0880. Price hit 1.0808 first which would be a long opportunity but instead of going up to the target, it was capped by PZ and eventually it closed lower. Price action was bearish on Monday and trend was down but I said to play the bounce. Wrong call on fading the trend.
But despite the sell yesterday, I am not convinced of this down move, especially given the divergence with US indices, which moved up yesterday. But price action is bearish, trend is down. Yesterday's strong support would be a strong resistance now. And also PZ is at the same price.
If I were to play shorts, it would be on a retest of the PZ, a rejection to target 1.0738. No shorts above 1.0814 IMO. And as what I shared always, trend is down as long as price is below BZ. Another short opportunity would be at 1.0838.
But despite the sell yesterday, I am not convinced of this down move, especially given the divergence with US indices, which moved up yesterday. But price action is bearish, trend is down. Yesterday's strong support would be a strong resistance now. And also PZ is at the same price.
If I were to play shorts, it would be on a retest of the PZ, a rejection to target 1.0738. No shorts above 1.0814 IMO. And as what I shared always, trend is down as long as price is below BZ. Another short opportunity would be at 1.0838.
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