Several resistance levels appear starting @ .9879, with several past ranges defining them (specifically the recent late May price range). A conservative short entry should include the psychologically significant round number .9900 as it seems to coincide more closely with the trend line. Long-term the pair is range bound, so quick profit should be taken on this short-term short. Significant .50 fib confluence from the late Jan ’16 high to the recent low and .50 fib confluence from the extension drawn from the Nov ’15 high to the low in May ’16.
A trend line is also confluencing nicely with the level zone and price action is drifting after the initial Brexit spike which provides good conditions for a short entry. Later buyers attempting to buy in late to the initial spike tend to get shaken out of their long positions quickly and traders who entered at or before the spike will then close out their positions and sell to the new coming buyers.
A trend line is also confluencing nicely with the level zone and price action is drifting after the initial Brexit spike which provides good conditions for a short entry. Later buyers attempting to buy in late to the initial spike tend to get shaken out of their long positions quickly and traders who entered at or before the spike will then close out their positions and sell to the new coming buyers.