Daily Outlook: +90 pips yesterday as our third setup was triggered on a sustained break of 3500 for the big drop. We were watching the orange continuation pattern shown on the chart below, and you can see the results on today's chart:
Today is Friday, so we will not be trading as usual (Friday brings thinner volume and an increased risk of volatility, but for those brave souls looking to trade today we are still overall bearish on the pair and tracking the blue rising trend support shown above.
Trading Idea: If we were trading, our primary setup would be a short on a sustained break below this rising trend support, which can currently be found at 3485 with targets at 3460, 3430, 3400 and 3370 for 115 pips potential.
There is also opportunities for aggressive traders to get long on dips to the support around 3490-3500 with shorter timeframe confirmation candlesticks (15m) targeting 30-50 pips at a pop.