5:14a GMT - I took two trades yesterday, the first on the break of 1.4055. This one got about 30 pips in the profit before reversing and hitting my stop at break even for no profit/loss. I took a second trade then at 1.4035 (posted this resistance in the comments) and took some nice pips off that trade.

Daily Outlook: The pair has has struggled against the 1.4135 resistance, having hit against it several times yesterday but never getting more than a few pips over it. With this strong resistance in place and the strong recent downtrend I am still very bearish on the pair, but a pop above 1.4135 could open up a run to release oversold levels before the weekend. I am always a bit more cautious on Fridays though :).

Trading Idea: If a golden shorting opportunity presents itself in the 1.4135-1.4150 range I will short it, however I will use a very tight stop. More likely is I will play it conservative and look for a rise to the 1.4200-1.4215 range for a short. Targets from 1.4200 are 1.4165, 1.4135 and 1.4100.

(click to enlarge)

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