To answer my own question, I don’t know. What do you think, I can see the future? No, only God can do that. However, I will give a good idea on how to trade it.
There was some recent news that supported Dollar Strength but we will see.
Right now there is a key support that has been tested several times in the last couple of days at 1.3976 and if we break that we could see a down move to 1.3900 where there is a previous support and if that continues we could see 1.3800.
On the other hand if the pair bounces of the 1.3976 we have resistance levels of 1.4128 and 1.4338
The key level to see which way the pair is going is to watch the support of 1.3976
So the way I am going to trade this is I will be watching the support and depending on how the pair reacts to the support level I will be making my entry long or short. My target will be 1.3900 if I go short and 1.4120 if I go long.
Remember to use sound money management when entering trades.
The Forex TV Blog made a suggestion to sell check that post out here
4 hr Chart Click the chart to learn about our trading system.
Latest posts by casey (see all)
- Using a Forex Checklist to Develop a Good Trading Habit - September 25, 2017
- Learn why using a 2:1 Risk to Reward Ratio can increase profits - September 19, 2017
- My Personal Trading Plan Reviewed by Trading Expert Kim Krompass - August 4, 2017
Winner’s Edge Trading, as seen on: