We stopped right at the 78.6% retracement (1.1460). If you notice the daily candles from last week show indecision, which usually precedes a big move.
We need to see this pair move below the orange trendline in order to take some of the upside pressure. 1.15 is the next upside target.
I stay neutral for now as the risk/reward ratio for a long from here is not great and on the other hand a short from here while there's such indecision and dollar weakness persists across the g10 currencies.
The logical move would be to wait for a break and retest off the orange trendline for a short OR a long position from the trendline with a stop just below as this would limitt your risk.
happy trading
We need to see this pair move below the orange trendline in order to take some of the upside pressure. 1.15 is the next upside target.
I stay neutral for now as the risk/reward ratio for a long from here is not great and on the other hand a short from here while there's such indecision and dollar weakness persists across the g10 currencies.
The logical move would be to wait for a break and retest off the orange trendline for a short OR a long position from the trendline with a stop just below as this would limitt your risk.
happy trading
