5:32a GMT - Another short signal today as the picture remains more or less the same. Resistance at 1.4200 held yesterday as the price failed at 1.4190 - besides that the pair didn't move much yesterday, ranging between 1.4190-1.4130. That is until a few hours ago when the pair dropped 100 pips after Japan announced it was holding rates steady.
Daily Outlook: Pair remains very bearish as we continue the bearish break from the primary bull trend that was broken in early December. The daily charts still offer the best view of the overall trend as you can see after the break we have a series of bearish flagpoles, complete with consolidation patterns. As such I will continue my strategy of looking to sell on rallies.
Trading Idea: Two closest resistance zones to look for selling opportunities are 1.4200 and 1.4250. From 1.4250 targets are 1.4200, 1.4165, 1.4135 and 1.4100. Happy Pipping!