Short and mid-term technical trends remain bullish as the pair has increased almost 1200 pips from its June lows! We've been cautiously buying during most of the uptrend as the long-term trend has been down.
The real question lurking on everyone's minds is what happens in the 1.31-1.32 resistance zone? Will we see the long-anticipated return to the downside or is their enough bullish momentum/risk appetite built up to carry the pair through that zone?
It is also worth noting that we haven't seen a daily close above 1.30 yet - is today the day?
Trading Idea: The primary pivot on my H4 chart is 1.2915 and I remain short term bullish above this level. My primary trade will be a long at this level with confirmation with targets at 1.2940, 1.2970, 1.30 and 1.3030 for 115 pips profit.
Finally an aggressive short would be on a sustained break below 1.2915 with targets down to 2815.
Sign up for free forex signals via email here
FAQ on these signals
Forex Candlestick Alerts
Forex Income Calculator
Forex Market Hours