I analysed this pair last week and predicted a strong bullish move and within hours, that strong bullish move occurred. I missed this trade however, I then was cautious of the 1.33000 level due to price being rejected from this level in the past and recently. I therefore missed this opportunity to get the next 150 pip move that occurred. However, looking at the chart as it is at the moment I am awaiting a bearish retracement signal such as a morning star or inside bar (Harami) or any bearish confirmation before a retracement to 1.33000/1.33500 level of support. They're both key levels and fall on the weekly key levels too. The level the price is currently rejecting is 1.34500 which has been rejected in the past and is therefore a resistance level as well as a psychological level.
I will therefore look to enter a bearish trade once confirmation is received down to those levels which also falls onto 50% Fibonacci almost perfectly, I am then anticipating another strong bullish move upwards to to 1.36000 level. Once price has reached and looking to rejecting the 1.33000 level, I will look for a bullish confirmation signal before entering bullish and profiting from both the retracement and the bullish push providing this pair plays out as described. Again, I am also anticipating upside potential of 1.38000.
I will therefore look to enter a bearish trade once confirmation is received down to those levels which also falls onto 50% Fibonacci almost perfectly, I am then anticipating another strong bullish move upwards to to 1.36000 level. Once price has reached and looking to rejecting the 1.33000 level, I will look for a bullish confirmation signal before entering bullish and profiting from both the retracement and the bullish push providing this pair plays out as described. Again, I am also anticipating upside potential of 1.38000.