Overall we continue to have lower highs, but we also have higher lows. The result is a triangle consolidation pattern appearing on the 4h and daily charts (see red lines on my chart below). This consolidation pattern has a higher probability of breaking to the downside than the upside, so if I was trading today I would continue looking for shorting opps near resistance. I will most likely pick up with that strategy come Monday.
As always CandlePro users can check for intraday candlestick trading opps and watch out for news events on the forex calendar. CandlePro users: check your email this weekend as their will be some upgrades/improvements being rolled out :). I also expect to open up enrollment again toward the end of next week assuming the updates this weekend go well. I'll keep everyone posted.
Trading Idea: My analysis calls for a primary trade in the area of 1.2865 (short with confirmation) with targets at 1.2840, 1.2810, 1.2780 and 1.2750 for 115 pips profit. It is Friday - I will not be trading.