Daily Outlook: We are resting right against resistance today - the falling daily trend resistance and also 1.241. Technically we are short to mid-term bullish as the pair has managed to push itself up from 4-year lows a few weeks ago to gain over 500 pips in the past 2 weeks. In the long-term I still remain bearish but will continue to look for bullish opportunities in the short-term until the charts tell me the long-term downtrend is back on.
Not much on the forex calendar tomorrow, but it is a Friday - my day off ;) - so I will not be trading the markets unless some unbelievable setup falls into my lap.
Trading Idea: I don't trade Fridays but my primary trade would be a long on another test of 1.2325 with confirmation with long targets at 1.2350, 1.2380, 1.2410 and 1.2435 for 110 pips profit. My secondary trade would be a short off of a failure to break 1.2415 resistance with targets down to 1.2325 for 90 pips.
Happy pipping and have a great weekend!