Possible bullish cup formation.
This pair presents an opportunity for bulls and bears.
Long-There is an apparent bullish cup formation here from technical perspective.On the fundamental side,even though net short position in futures increased significantly(161k from 161 previously),the pair is still moving in a range forming a flag in the daily chart(see below).Both the 100 and 200 period SMAs have also converged signaling a medium to long term movement in one direction.If bulls jump in,a lot of stops will be hit on the way sending the pair even higher.Those who are very bullish may start adding above 1.0900.The best idea will be to go long if the pair breaks above the trendline or to add to the trade in three increments(look at the green arrows).
Short-From the fundamental side,short is still favorable.So a break below 1.0840 should be good enough reason to try to short it again.
Remember,the goal here is not just to post charts,it's to try and paint a clearer picture of which way a particular pair may move for next couple hundred pips.
Please check back to any any trade updates.
Long-There is an apparent bullish cup formation here from technical perspective.On the fundamental side,even though net short position in futures increased significantly(161k from 161 previously),the pair is still moving in a range forming a flag in the daily chart(see below).Both the 100 and 200 period SMAs have also converged signaling a medium to long term movement in one direction.If bulls jump in,a lot of stops will be hit on the way sending the pair even higher.Those who are very bullish may start adding above 1.0900.The best idea will be to go long if the pair breaks above the trendline or to add to the trade in three increments(look at the green arrows).
Short-From the fundamental side,short is still favorable.So a break below 1.0840 should be good enough reason to try to short it again.
Remember,the goal here is not just to post charts,it's to try and paint a clearer picture of which way a particular pair may move for next couple hundred pips.
Please check back to any any trade updates.
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