Long term trend: Down
Medium term trend: Up
Significant Levels: 1.0000 (Significant Round Number & Horizontal Resistance), 0.9770 (Horizontal Support), Uptrend
Currently, the price is just below the psychological level (1.0000). We can see that after the very large move on January 15, the price has gone up. This means that our bullishness on this market is still intact. The current price is near the latest high that was reached. That high would probably be retested soon. We don't want to be long right away. Either in retracements or consolidations is where we want to place our trade.
Again, we are bullish here but as the price is near the resistance right now, patience is a must. Trade well.
Medium term trend: Up
Significant Levels: 1.0000 (Significant Round Number & Horizontal Resistance), 0.9770 (Horizontal Support), Uptrend
Currently, the price is just below the psychological level (1.0000). We can see that after the very large move on January 15, the price has gone up. This means that our bullishness on this market is still intact. The current price is near the latest high that was reached. That high would probably be retested soon. We don't want to be long right away. Either in retracements or consolidations is where we want to place our trade.
Again, we are bullish here but as the price is near the resistance right now, patience is a must. Trade well.