Daily Outlook: Well, it's Friday and I won't open any new positions on a Friday - especially when I've already got several open positions across EUR/USD, AUD/USD, EUR/GBP and more. We are seeing a bit of a retracement right now (which was long overdue) and where it will end up is a matter of debate.
The long- and mid-term trends are definitely bearish, but the short-term trend is now bullish. The major resistance levels next in line are 1.2150 and 1.2215. If I were looking to enter another position it would be a short at one of these levels.
Trading Idea: Again I will not be opening another position today but if I was my primary trade would be a short at 1.2200 targeting a fall to the rising trend support (bottom blue line) at 1.2030. Targets from 1.2200 are 1.2170, 1.2140, 1.2110, 1.2070 and 1.2030 for 170+ pips profit.
Two aggressive trades would be a short from 1.2150 targeting 1.2050, or a long from 1.2020 targeting 1.2110.