This pair like to reach key level of .67000 to retract to .66000 followed by a consolidation state between .66000 and .66500 before making a move.
I will be looking at my MACD on the 2 hr to make move passed the 0 line in order to break consolidation and reach .66780 before reversal. On the contrary, If MACD and signal on hr make early market correction to cross back down on the 0 line I will wait for the MACD to cross back down on signal while under the 0 line on the 2 hr chart. This will give me confirmation that the direction will go south out of consolidation.
My personal belief of why this pair often consolidates at key zones is because they are both positively effected by gold movement. So the movement of this pair is based on individual currency strength as the positive effects from gold negate which creates consolidation.
I will be looking at my MACD on the 2 hr to make move passed the 0 line in order to break consolidation and reach .66780 before reversal. On the contrary, If MACD and signal on hr make early market correction to cross back down on the 0 line I will wait for the MACD to cross back down on signal while under the 0 line on the 2 hr chart. This will give me confirmation that the direction will go south out of consolidation.
My personal belief of why this pair often consolidates at key zones is because they are both positively effected by gold movement. So the movement of this pair is based on individual currency strength as the positive effects from gold negate which creates consolidation.
Commento:
TP 1 hit at .66780 and is in tug of war so Im waiting for a break.
