The Pair closed the week ended Oct 23rd @ 1.5007; during last week the pair traded between a low of 1.4828 and a high of 1.5060; during last session the pair went often to 1.5030 area, but never was strong enough to settle a potential new high. the equities market went down in the last trading session and in general it showed a possibility that a correction is needed. the pair is in a bullish trend, and last movement started at 1.4478 and went up without any real retracement equal or bigger to 38%; right now a correction of 38% would push the pair down to 1.4860; in case the pair will go up next week without any corrective action, in the event the pair does a correction at 1.5300, a 38% correction would end right @ 1.4990 area. The RSI is @55 and the stochastic is in a bullish situation also if it need some retracement. The pair is so strong than since 20 candles we do not have a clear candle in the lower section of the bollinger band. the last candle has the low that touch the middle level of bollinger and as well the EMA.
It looks like we may go short with the pair and try to make some money on the short side; in case we are wrong and the pair goes up we need a 38% correction before the pair touch 1.5300 to recover our money and maybe make some profit. on the long side I would wait for more confirmation before enter a trade since the bullish trend doesn't have a lot of space in the upside in the short term.
here are some interesting article you may consider to read:
My plan is to write more, maybe in the evening since in the morning I do not have any time anymore. will see.
:D
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