Still being contained within the huge 1 year range I am maintaining a neutral bias on this pair long term.
Even though the NFP last Friday attracted some bulls I'm still bearish both MT/ST and looking to sell any pullbacks towards the resistance zone between 1,1050 and 1,1100. The large top wick before last weeks session close indicates that the sellers still are lingering around this zone.
If the resistance zone holds we should expect a move towards 1,0820. Forceful selling from the zone and 1,0820 folding could lead to a move all the way down towards the long term range bottom at 1,0530.
Only a daily close above 1,1100 would negate my mid term bearish bias.
Even though the NFP last Friday attracted some bulls I'm still bearish both MT/ST and looking to sell any pullbacks towards the resistance zone between 1,1050 and 1,1100. The large top wick before last weeks session close indicates that the sellers still are lingering around this zone.
If the resistance zone holds we should expect a move towards 1,0820. Forceful selling from the zone and 1,0820 folding could lead to a move all the way down towards the long term range bottom at 1,0530.
Only a daily close above 1,1100 would negate my mid term bearish bias.