The pair is trading @ 1.3981; yesterday it went up to 1.4120 area from 1.3850 area; and than a correction of around 50% happened right now the rate crossed the EMA in the bullish direction and is trading in the upper bollinger band; the rate is still ranging but probably higher than so far; probably starting from today the range will be 1.4000-1.4200; we have few news today that may contribute to fix the new range, but I do not expect that the ranging period is over;
here are some support and resistance:
R3 1.4524; R2 1.4254; R1 1.4117; S1 1.3847; S2 1.3714; S3 1.3444
may trading plan:
sell @ 1.4100-1.4150 area;
stop loss 100 pips (depend on the level of the sale and on market development)
take profit around 1.4000;
or in case the rate goes back @ 1.3850 area:
buy @ 1.3900 area and take profit @ 1.4000 area
stop loss again 100 pips or better (depend on buy level and market development)
have a good trading day
:D
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