Technically Speaking
After breaking through the upper trendline, the cross is holding it nicely on a re-test.
The first bit of major resistance I see is near 1.40, over 600 pips away.
What to do?
The major risk factors are both the Canadian and American payroll reports tomorrow at 7:30 CST. I would hold off taking a position until then.
Unless a hard break back under the trend-line occurs, I will be looking to buy dips in this cross. If bullish momentum is coming into this pair, it could have a long way to go on the upside.
After breaking through the upper trendline, the cross is holding it nicely on a re-test.
The first bit of major resistance I see is near 1.40, over 600 pips away.
What to do?
The major risk factors are both the Canadian and American payroll reports tomorrow at 7:30 CST. I would hold off taking a position until then.
Unless a hard break back under the trend-line occurs, I will be looking to buy dips in this cross. If bullish momentum is coming into this pair, it could have a long way to go on the upside.
