Daily Outlook: Today's title sums up our market analysis pretty nicely today - the trend is undoubtedly up, with several rising trend support lines and upside breaks on numerous trend resistance channels. On the other hand, though, the pair is very overbought at the moment having had little to no correction over the past several weeks:
Given the strong uptrend we will be first looking for opportunities to go long, fairly close to current price action (price is currently around ~ 1.3974 at the time of this writing). Closest strong support is 1.3930 and this is where we will look. Pn the other hand, given the overbought nature of the pair and the increased likelihood of a correction there is an opportunity to get short under 1.3930, however this should be considered riskier as it is against the primary trend.
Trading Idea: Primary trade is a long near 1.3930 with candlestick confirmation, targets at 1.3955, 3985, 4015 and 4045 for 115 pips profit.
Secondary trade is much more aggressive and, because it is Monday (thin markets) we will not look to take it. Secondary is a short on a sustained break below 1.3920 with targets at 1.3900, 1.3870, 3840 and 3810 for 110 pips profit.