With Brexit referendum right around the corner it makes this setup a crazy but technically it looks fair enough.... I expect to see a possible bounce after 50% retracement completion.This is also falling in line with the previous bearish channel price broke out of.So price should react to it and in my opinion this could be an opportunity to go long.Short term targets range from 1.9660 to 1.9954....Medium term target stands at 2.0750 and long term target at 2.16
Comments
UnknownUnicorn471213
⋅
Interested to know what sort of timeframe you think for those medium- and long-term targets?
Trader_97
⋅
30 to 60 days....There is going to be lots of volatility.... if its going to happen then it could very well happen on the day of referendum or maybe within the week that follows it.This pair moves sharply.So I feel a months or 2 months time should be more than enough.By the way price is breaking back into the bearish channel.Lets see how it does when it closes
UnknownUnicorn471213
⋅
But as you say, with Brexit referendum just a fortnight away, diving in too deep right now is crazy
Trader_97
⋅
Yes it is.... Mean while I am looking at other currency pairs for more trading opportunities.