After the upside breakout from the accumulation zone (range) earlier in the week, price has retraced beautifully to the Optimal trade entry zone of the Fib (61.8%-79.8%) with help from the CPI data released yesterday. The long term analysis of this pair (weekly,monthly) has it being bullish and this is a perfect time for it to continue its strong bullish move after a few days of a short term sell off. Its looking like the bottom is in on the 1hr, Now we wait for an impulse move from buyers to take the price up for bullish confirmation. Depending on any economic news coming out of the U.S.A (trump meeting with kim jong un) and the continued weak yen, I'm hoping this "market maker buy model" move holds.It might take a couple of days to unfold but my first target is 110.000 with my stop loss at 108.980.
Comment:
after taking 110.000 the next target will be 110.769
Trade active:
The seond target has been met. but a bit of upside movement is still expected to the 111.527 and the 112.301 range (predicted top) where we will experience some consolidation for a few days before begining the movement to the downside