After a period of low the price always makes BIG . It reminds me the gold trade.
Its clear that the NFP news will be the catalyst, my view is that price will move to the upside (bad NFP data?)
According to this technical D1 and H4 (see below) analysis i have some reason for a long bias.
- Price is sitting on EMA55 (my prefered )
- Strong pychonumber 1.55000 acting as support
- divergence (i learned this setup from a member on tradingview)
This setup suggest a big triangle is forming on D1 chart.
First target: last highs
The H4 setup is also very reliable for me.
Be carefull managing your risk because NFP news are very volatile.