Haha, 50/50? No clue...some sites/analysts are calling for this thing to bump back up to 2.0+ I can only trade the charts and what I see.
I'm starting to like this setup for a range trade. Daily support at 1.95 or a little below (rising trendline). Hard support on 1.945 & 1.94. A break and hold below would signal a fallout to the downside. Upper resistance at 1.975 (falling trendline). Harder resistance on 1.98 & focused on 1.985. A break and hold above would signal a strong up move. The range still looks like it has some life in it. My concerns are on how the fundementals (news) may impact the technical setup. We have important news coming for both the GBP & the USD. Daily below, showing the overall triangle & support/resistance levels... Below is the hourly close-up...
First limit long was triggered on the dip just below 1.95 early this morning, I assume because of the GBP trade news release? +100 pips on it now, shooting for +1.97, S/L moved up to +50pips (around 1.956ish) as I don't have access to my broker during the day.
Closed earlier this evening for +102pips. The resistance at 1.965 was holding and it just didn't seem to be working out. Looks like this thing will have to sail further towards the support mentioned earlier (1.945 range) and with the help of poor US retail sales tomorrow, maybe we can get on up to the 1.97 (or higher) range. Below is screenshot of my entry and exit... Good evening everyone and good luck on this one.
Bump. Anyone watching this with the upcoming .94/.933ish range support? I'm looking to gear up some longs for the next bounce upwards. Thoughts?
I agree that bottom picking is dangerous but ignoring the bottom of the range that this pair has been in for months isn't the answer. This is a play of the bounce off support. A solid break of support would signal a nice short trade but until that happens, I'd like to see a bounce upwards.