The pair is trading @1.2333 right now. It is retracing after the low of the day that was 1.2172; considering the high settled yesterday night and low of the day the pair has recovered more than 61.8%. Right now the pair is trading close to the lowest level since 4 years. last week after fixing the new low, the pair went up around 500 pips, most of that is due to a short covering resulting from a record short in the pair. My view says that the pair will test the 1.2150 area again and will approach the 1.2000 area really soon.the RSI is @ 72 and the ADX is @ 37; I think we have all the premises for a good bearish movement.
here are some resistance and support:
S3 1.1931; S2 1.2109; S11.2224; R1 1.2402; R2 1.2465; R3 1.2643
my plan is to go short on high, so right now;
I am selling 1x unit @ 1.2340;
target is 1.2000
here are some resistance and support:
S3 1.1931; S2 1.2109; S11.2224; R1 1.2402; R2 1.2465; R3 1.2643
my plan is to go short on high, so right now;
I am selling 1x unit @ 1.2340;
target is 1.2000
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