Long story short, after a big rise like that its looking for some support. I think it wants to hit that at .5 and continue up. It could also potentially bounce off the first and move up. We will be watching this pair.
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Markets are chaos. We may see patterns in the chaos. All chaotic systems form patterns. The patterns are meaningless to the chaotic system. Patterns have meaning for us, in that they represent probabilities. But the chaos does not obey patterns.
In trading we should care less about prediction! We should be more like ‘robots’ simply playing strategies to exploit the chaos of markets. We cannot predict what will happen inside chaos, though we may have certain expectations.
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