The pair remains vulnerable to a bearish breakdown due to the long-term trend.
at the end of strong long-term downwards price movement, it made sense to look for a short trade here following two consecutive hourly closes below $1.0484.
This was a great call, as we got those two hourly closes below that level very early in the day’s London session and entering at that point would have produced a profitable short trade with a maximum 85 pips of profit. The technical picture now is much more consolidative, despite the long-term bearish trend and the price reaching a multi-year low only a week ago.May, the price has been steadily rising, printing higher lows and new higher support levels.
We have a bullish retracement that seems quite strong, with the US Dollar showing signs of having peaked. This suggestsI see the best potential opportunity in this currency pair today as either a short-term long trade from a bullish bounce at $1.0457, or a longer-term short trade if the key resistance level at $1.0591 is reached, which looks likely to be very strong.Top Forex Brokers
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