The pair is trading @ 1.4253; last Friday the pair started low @ 1.4134; to end high @ 1.4250 area; than we had a retracement and we went at 1.4250 area this morning again. As the pair went up last Friday the OI didn't the same, it was up only 3k; probably this mean that for this pair there is no more upside; in the 4H chart the pair is trading in the high bollinger band and over the EMA; the two EMA (short and longer period) have converged and this let me think that if the pair will go down to 1.42 in the next couple of hours, a bigger movement down may happen; the RSI is @ 58; the stochastic is indicating that the pair is going up, but now need a break or strong movement up;
here are some support and resistance:
R3 1.4444; R2 1.4328; R1 1.4291; S1 1.4175; S2 1.4096; S3 1.3980;
my trading plan:
sell now @ 1.4245 (if you think that will never happened another bullish movement on this pair);
stop loss @ 1.4328;
target 1.4150 or lower;
If this was a bet there are more possibilities that the pair will go down than it will stop it's ranging period (2 month now).
have a good trading day
:D
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