With many articles flooding the news about how good the fundamentals of the pair currently are, here is the situation from a timing/technical perspective.
Not to overcomplicate things, today we are simply witnessing a secondary trend breakout. This is of course not necessarily a reason to enter a position with a close stop loss [like the one indicated on the chart], because pull-backs are still quite likely to occur. Also the downtrend is still not broken; no higher high or higher low has been established yet, hence making the situation more attractive for riskier traders.
Whatever the case is, the fact is that the slope of the short term trend is becoming less steep, hence indicating a slowdown in the downtrend.
Happy trading everyone.
Komentarze
Stelian
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@littleriver 1.35 level will be very key indeed, I failed to mention it in my chart.
littleriver
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I would be inclined to wait until it reached 1.35 level. Looks to be an easy ride to 1.357 from there.