Price rallied off the lows on Friday to
limit-out at 80 pips profit. The Asian session also gap opened last night. We
have a bit of conflict here as we have price falling from the BF area, and we
are at the area of a minor 618 support, we don’t however have a clear
bounce on the 1h chart at present. We continue to monitor this setup as a test
followed by another bullish cs formation will initiate a long trade setup, and
a test of Friday’s highs followed by a bearish cs formation on the 1h chart
initiates a short trade setup. The fall from the BF area tells us that price
might be heading for 1.0220 which continues the downtrend. We continue to wait
for a clearer sign.
Follow me on twitter @fxdailyforecast where intraday updates
are tweeted.
Will be going long if:
We are looking for a test of the overnight low followed by
another bullish cs formation for a long trade setup.
Will be going short if:
We will trade a short on a test of Fridays high followed by
a clear bearish cs formation. This will tell us that the 1.0220 lows are being
targeted.
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