hits the only resistance of any significance now at 1.2050/70. Despite severely overbought conditions shorts are probably too risky after yesterday’s strong buy signal but some profit taking in the short term is certainly possible. It could be worth easing up on some longs in case we dip to 1.2025/15. If we continue lower try longs at 1.1980/60 with stops below 1.1950.
Be ready to buy a break above 1.2090 targeting 1.2140/50 and 1.2190/1.2200.
retests the November low at 1.2935/25. Holding here in these choppy conditions re-targets first resistance at 1.2980/90 with a high for the day likely. Try shorts with stops above 1.3010.
Be ready to sell a break below 1.2915. We are in a longer term bear trend so a break lower should trigger stops on longs initially targeting 2 year trend line support at 1.2865/55. A break below 1.2840 would be a very significant sell signal in the longer term
- Weekly Outlook Neutral
- Daily Outlook Neutral
- Short Term Outlook Neutral
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