On a weekly time frame, the 200SMA acted as a dynamic support as the market just bounced from that 200 moving average. Just before the market hit the recent resistance level of 118.29 area, there was a strong buying pressure but the following downward rally is less convincing which suggest that there are not enough sellers willing to take the price down.
On a daily time frame, the market may have breakout below the range bound market (115.38 - 111.67) but this suggest that it may just formed an expanded range (110.00 - 118.20).
In correlation to DXY chart where the dollar shows bullish momentum, it may be not wise to sell in spite of the recent bearish movement.
SL @ 109.94
Buy Stop @ 111.711
TP @ 118.140
On a daily time frame, the market may have breakout below the range bound market (115.38 - 111.67) but this suggest that it may just formed an expanded range (110.00 - 118.20).
In correlation to DXY chart where the dollar shows bullish momentum, it may be not wise to sell in spite of the recent bearish movement.
SL @ 109.94
Buy Stop @ 111.711
TP @ 118.140
