I am looking at this pair in two ways: First since the general price structure is , I am very interested in reversals around the 1.3060 - 1.3025 area. If I can validate a reversal here, I will look for a swing trade long with a stop about 15 pips below the swing low at the time of validation. Initial target would be set to the 1,3250 area.
On the side, I am open to participating in a day trade if the price action can validate somewhere between 1.3189 and 1.3220 area. Remember here the expectation is smaller, that means a tighter stop (just above recent swing high at the time of entry) and a smaller target which would be somewhere around 1.3120s. Since I have a smaller expectation of the short, I will be very sensitive to hesitation and reversal activity when in the trade. You need to be flexible.
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