The pair is trading right now @ 1.4199; yesterday it went up to 1.4277 and than it retraced down to 1.4162; the way it went down after the high let me think that for the moment there will be no trend for this pair, probably will get again into the ranging area and it will stay there for a while; today and tomorrow I do not see any special data release that may move the rate over 1.43 or below 1.40; in the 4H chart the pair touched the EMA and the the central bollinger band; if yesterday low will be broken we may see the pair down to 1.4070 right today; the RSI is @ 58 and the stochastic is down, but need a retracement on the upside(!!!); yesterday low was touched in correspondence with EMA, medium bollinger band and 23% retracement in Fibonacci system; some indicators are suggesting that this pair is just accumulating enough energy to run up and test 1.4337; other indicator are telling us that this is not the best moment to test 1.4337;
Today is day for traders with GUT;
if the pair will go up it may broken 1.4337 and than 1.4500-1.5000 it's going to be the new stop (300-800 pips); if the pair will go down 1.4098 is the second support and it should be enough for today; I probably will wait for more confirmation since I am for a bigger retracement at the moment;
here are some support and resistance:
R3 1.4443; R2 1.4328; R1 1.4263; S1 1.4148; S2 1.4098; S3 1.3983;
my trading plan:
if yesterday low will not be broken in the next couple of hours,
I will buy 1x unit @ no more than 1.4215;
stop loss @ 1.4098
target 1.43 area or further
have a good trading day
:D
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