Outlook is a bit muddied at the moment as it always is when we have strong retracements in the middle of trends. The question is always is this part of a larger move to the upside or will we see the resumption of the downtrend soon. The only answer is the charts will tell us, and to that end I see 1.2765 as the key daily support level: above this level I will stay bullish and look for longs, below this level and I will look for shorts on the day.
As always CP users can check multiple pairs/timeframes for intraday candlestick signals and you should watch out for news events on the forex calendar.
Trading Idea: Looking for longs above 1.2765 and shorts below. Trend is a bit muddy right now so standing aside is a good option for this pair, but my primary active trade will be a long with confirmation near 1.2765 with long targets at 1.2790, 1.2820, 1.2850 and 1.2880 for 115 pips profit.
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