Bias: Bullish
Key Levels: .68,0.69, 0.69422 (1.27 fib), 0.70028 (1.618 fib)
Following last weeks push to the upside which technically formed a higher-low for the daily, we've reached the monthly key level of 0.69 once more. On the 4-hr, we can see an obvious uptrend, drawn by the ascending trend line.
My bias for this week is bullish, and I do think this pair is going higher. However, keep in mind we are at a key psych level, which is subject to manipulation by the market makers to shake out weak-handed long and short positions alike. The market hasn't moved a great deal for the start of this week, so I won't be publishing any signals until we get closer to a break of 0.69. I am scanning the market for opportunities, and will not be jumping into any trades at the moment due to the absence of price action/ volatility just yet.
Key Levels: .68,0.69, 0.69422 (1.27 fib), 0.70028 (1.618 fib)
Following last weeks push to the upside which technically formed a higher-low for the daily, we've reached the monthly key level of 0.69 once more. On the 4-hr, we can see an obvious uptrend, drawn by the ascending trend line.
My bias for this week is bullish, and I do think this pair is going higher. However, keep in mind we are at a key psych level, which is subject to manipulation by the market makers to shake out weak-handed long and short positions alike. The market hasn't moved a great deal for the start of this week, so I won't be publishing any signals until we get closer to a break of 0.69. I am scanning the market for opportunities, and will not be jumping into any trades at the moment due to the absence of price action/ volatility just yet.