As expected, this pair has tested the prior low and trying now to move higher. Its action form the new bottom (B) is not aggressive, therefore I will be watching it closely on the green line despite the fat that tomorrow's move could be to the downside.
I am not taking any trades on this pair now.
There are good shorting chances on USDCAD, USDJPY & USDCHF, but since I can only publish 10 ideas a day, I will pick this pair for my followers who regularly ask for it.
Early weakness signs have appeared on this pair and shorting this pair might be a nice idea. I am using two yellow trend lines as some charts do not show the middle spike.
The expected coming down...
if we take alook on the pair at weakly chart
will see that clear starting to building the right sholder from support 3.58
all in medium term
and end at points
and the last target at 3.725
all this analyze at weekly chart
I expect that this pair will continue to the downside for Monday and Tuesday. I will look at this chart again on Wednesday for a possible up move.
Good luck and thanks for supporting this idea by your likes and comments
This pair has moved a lot to the downside and its time to look for reversal or correction.
RSI is extremely oversold and a first sign for reversal/correction has appeared.
Watch the support line for a possible reversal. If you see a good rejection (removing 75-80% of the bearish candle), you may buy this pair.
If you want me to update this pair, give it a like.
We have successfully longed this pair last week and will continue to long it. You can add to your long from the green and red lines.
Stop loss is 3.5850
If you want me to update this chart, give it a like.
Use any new lows to long this pair, To confirm the expected up move, Monday's candle should print a higher high and higher low.
I do not use stop loss for the pair but you can use 3.59 as a stop loss if you like.
This trade is valid for the whole week.