With this pair in a 9 month down trend on the daily and a confirmed up trend on the 60, price is getting squeezed by trend lines.
If prices breaks through to the upside the next resistance is at 114.5 then 115.5 then there is no solid resistance till the double top at 118.600.
There is bound to be a bunch of stops placed above that down trend line, which means if prices breaks above it stops will get filled which is going to accelerate the move.
I will place a pending buy stop just in case the move is explosive and happens during the NY session.
Until then I am going sneak in a little long trade to the upper trend line and resistance at the recent double top.
If however it breaks to the downside there is plenty of structure to slow it down, so I am Long biased.
If prices breaks through to the upside the next resistance is at 114.5 then 115.5 then there is no solid resistance till the double top at 118.600.
There is bound to be a bunch of stops placed above that down trend line, which means if prices breaks above it stops will get filled which is going to accelerate the move.
I will place a pending buy stop just in case the move is explosive and happens during the NY session.
Until then I am going sneak in a little long trade to the upper trend line and resistance at the recent double top.
If however it breaks to the downside there is plenty of structure to slow it down, so I am Long biased.
Trade closed manually:
Price broke the up trend line but did not hit my stop.
It's late in the NY session and I have a chance to exit for a small profit.
I'm out.
Interesting to see what happens next week.
Happy weekend :)
It's late in the NY session and I have a chance to exit for a small profit.
I'm out.
Interesting to see what happens next week.
Happy weekend :)