Recap: No trades taken last Friday to report on, as the charts were mixed and no setup looked solid enough for us to risk our equity on!
The pair has been steadily bouncing upward along a rising support over the past month, beginning in mid-July through today. Since that July 24th low the pair has stabbed upward several times creating a higher high / lower high uptrend. The million-dollar question, as always, is how long will this uptrend continue? Every trend has an end - calling it is the tricky part ;). For our part the daily chart is enlightening, showing a steady downtrend since the March 2011 high of 1.48 (seems like an eternity ago!).
As far as how this translates into our daily trades - our preference is to get long above this rising trend support (bottom blue line below) and short below it.
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Trading Idea: We will look to get short on a support break with targets at 20/20/20/20 for 80 pips profit, or long on a support false break with the same targets.