Hi Guys just a little charting test first time on this pair, We see that the currency has been respecting that upward trendline for a while and the strong bullish movment of the Euro has maintained this. We could see a potential Bearish movement occurring as the Euro is set to lower as per comments from ECB president Draghi.
I will only consider entering this trade if there is a decent bullish candle break on the Upward trendline to signify movement toward the 127,500- 128 region. Price is expected to float around as some buyers will come in to try to push price up but it could also drop all the way to the 125 region.
If the trendline is respected i suspect a movement all the way to the 131 region which is approx 170 pips away. Keep your eyes peel on this pair in the coming week.
My personal bias is bearish as more and more Yen buyers enter the market due to the events happening in North Korea.
I will only consider entering this trade if there is a decent bullish candle break on the Upward trendline to signify movement toward the 127,500- 128 region. Price is expected to float around as some buyers will come in to try to push price up but it could also drop all the way to the 125 region.
If the trendline is respected i suspect a movement all the way to the 131 region which is approx 170 pips away. Keep your eyes peel on this pair in the coming week.
My personal bias is bearish as more and more Yen buyers enter the market due to the events happening in North Korea.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.