The pair is trading @ 1.3812; today it went from 1.3787 to 1.3855. it was clearly bought on dips and lost momentum on reistance level.
It went down to 1.3812 from high on Bernanke speach.
It will be probably bought on dips once again.
Oil is high on the day, but it looks like the main factor driving the pair is Trichet conference next thursday. So up to that moment seems that nothing will happened.
Here are some resisnce and support:
| R2 1.3948; R1 1.388; S1 1.3781; S2 1.375. |
I still believe that on the upside there aren't much pips while on the downside we have at least 400 easy pips, if trichet will say something bearish...
so I will try to sell high and play it next thursday.
At the moment out of any position.
Happy trading
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