Oil is strong, USD is weak. Until this area breaks and confirms, long is the play.
This trend line is very old.
I expect a test of 1.12 leading up to non farm payrolls friday. Unless the report is real shitty, the fall should resume.
While $ did bounce off the top of this channel, 95.82 is a Fib that may give support especially if risk off increases.
It would take a daily close above 2110 for the nearterm bear case to be dismissed
Only a daily close above 2110 area will negate the bearish danger short term.
It's unlikely for a break of 49.50 to happen short term without some fundamental drivers.
Assuming oil remains stagnant, there should be limited downside for this pair.
Breaking this channel should provide some sustained confidence in dollar strength.
possible resistance level
simple levels. I think its time to break out of consolidation to the upside
A correction appears to be happening. These are the basic levels to watch if a close below 1800 occurs
