After the recent pull back after the impulse up i do believe we will see this pair long next week. The pair on a larger time frame monthly / weekly is actually "ranging" between 0.91500 at the low and 1.03500 at the high.
As price action has impulsively broke from that low range into a bear flag correction, also completing a 12345 elliott wave. smaller time frame were currently looking at a possible double top to continue to the downside so for me to look into the long position I need price action to close above the 0.94600 level ideally before entering into a position.
If price action cant break that level then i expect the markets to roll over and possibly come right back down into the 0.93200 area where looking left we have some previous support / resistance. This particular zone price is currently as can also be seen as simple retest of previous lows so a break to the downside is certainly also a possibility.
As price action has impulsively broke from that low range into a bear flag correction, also completing a 12345 elliott wave. smaller time frame were currently looking at a possible double top to continue to the downside so for me to look into the long position I need price action to close above the 0.94600 level ideally before entering into a position.
If price action cant break that level then i expect the markets to roll over and possibly come right back down into the 0.93200 area where looking left we have some previous support / resistance. This particular zone price is currently as can also be seen as simple retest of previous lows so a break to the downside is certainly also a possibility.