Long term trend: Up
Medium term trend: Up
Significant levels: Significant Round Number (110.00), Horizontal Support (105.30), Horizontal Resistance (108.40), Fibonacci Retracement
After the price reached the 110.00 Significant Round Number (Psychological level), the market declined. This is because the market thought that the strength of the USD is so strong that it is overvalued. Yesterday's large down move is caused by the weak data from the US making the price to decline more.
This news is not negative, but a positive one. We are still bullish with this currency pair. Therefore, when the price goes down, we buy. Of course, we need to look for the right time and place to place our trade. As you can see in the chart, the support was respected by the market in the yesterday's move. The price rejected the support line, move up, but not that strong (up), and closes above that support. As of writing, the market does not move much. We could see the market stay above this level for now. Therefore, we need to look for a Bullish signal, then trade that.
Trade well.
Medium term trend: Up
Significant levels: Significant Round Number (110.00), Horizontal Support (105.30), Horizontal Resistance (108.40), Fibonacci Retracement
After the price reached the 110.00 Significant Round Number (Psychological level), the market declined. This is because the market thought that the strength of the USD is so strong that it is overvalued. Yesterday's large down move is caused by the weak data from the US making the price to decline more.
This news is not negative, but a positive one. We are still bullish with this currency pair. Therefore, when the price goes down, we buy. Of course, we need to look for the right time and place to place our trade. As you can see in the chart, the support was respected by the market in the yesterday's move. The price rejected the support line, move up, but not that strong (up), and closes above that support. As of writing, the market does not move much. We could see the market stay above this level for now. Therefore, we need to look for a Bullish signal, then trade that.
Trade well.