I am taking the wait and see approach at this stage. Technically is looks like a short but there might be more upside if I look at the shorter time frames. I will trade the break that occurs first but i am favouring a short at this stage especially if the price action is weak at 1.13 should it reach the level
Should the UK GDP numbers not disappoint tomorrow we could see a close below last week. A close below prior week and I will target 0.883 as potential goal over the next few weeks
1.24 - 1.14 should be reach over the longer term
The dollar bulls are still well in control. We could see a retrace to 100.48 which is at the 0.786 retracement level of the previous high at 103.82. An daily exhaustion candle at 100.75 could be a great signal that the bull run is done This will also be closer to the longer term downward trendline A break below 96.5 invalidates the uptrend
We should see a relieve rally from here. A break below 1.21 could lead to 1.16 A move above 1.265 could lead to a bullish run
Will the long-term trendline remain in tact? Probability should be very good that a short should work from these levls