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.