USD is currently oversold having reached a resistance level. Even though the long term trend is down, we are likely to see a pull back towards the 36 day trendline. Recently, the pair has made a Higher Low on a daily basis, with the 8 hour Donchian channel failing to breach the last major low. Target 80 pips.
Trade active:
Still working it's way in the lows, USD is struggling to go below 1.3150. A break above 1.32 would confirm an uptrend. Meanwhile, scaling in on a minute chart can provide a good entry price.
Trade active:
1.3200 breached. Raised stop level to 1.3175.
Trade closed: stop reached