Rising Wedge, rejection area, $ weakness
Good opportunity to short for a 38% to 50% correction: 1.3260 to 1.3220
Reasons for the trade:
1. Rising Wedge formation at top - a break below the support line would trigger a short position
2. Rejection area above 1.3400 - market could not close above it.
3. Dollar weakness could last a couple more days after Friday's decline.
Safe trading!
Iulian
Reasons for the trade:
1. Rising Wedge formation at top - a break below the support line would trigger a short position
2. Rejection area above 1.3400 - market could not close above it.
3. Dollar weakness could last a couple more days after Friday's decline.
Safe trading!
Iulian
If the GDP surprises the market positively we will have the extra boost needed for the pair to make a decisive move towards 1.3250