The 200EMA has not been kind to this pair, serving as stiff resistance on each test since 2011. Although the recent bull run has been strong, I am bearish for this week, looking for a retrace.
There also seemed to be a double bottom the formed with last week's breakthrough of the neckline at 1.57, so that'll be interesting to watch. Because of the double bottom, this trade is a bit more riskier. I am expecting it to retrace to the neckline at 1.57, then let's see what the pair does.
There also seemed to be a double bottom the formed with last week's breakthrough of the neckline at 1.57, so that'll be interesting to watch. Because of the double bottom, this trade is a bit more riskier. I am expecting it to retrace to the neckline at 1.57, then let's see what the pair does.