Price fell on Friday – I was away from the
desk but for those of you at the PC, you would have caught the short entry. Price
fell aggressively to the target, some 80 pips away. The support level was however
not broken, so a bounce out of current levels will have us looking towards 3162
over coming sessions. Of course a sustained break of 2965 negates this view and
continues the downtrend.
Will be going long if:
We are in buy territory, although we have no entry as yet. We
are waiting for a bullish cs formation, maybe after a test of the lows before we
rally. Place stop 10 pips below the low, limits 3162.
Will be going short if:
Shorts will be considered on a minor 618 test followed by
bearish confirmation.
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