has remained bearish
ever since the bulls broke their run in the beginning of November 2017. Last week, the pair broke upwards through our first resistance level
, and we are expecting to see price action move up towards the 50.0 and 61.8 Fibonacci levels before we begin to look for a short entry. There is also a possibility that the price action could continue its upward movement in the short term and retrace all the way back to between the 78.6 and 88.6 Fibonacci levels to retest a major resistance zone
from 2017. As the price nears our first testing area, we will look for reversal signals and monitor price structure to find a good short entry. If price continues upward, we will do the same for our next resistance zone
. When this happens, we are looking to lock in 0.913 as our first target. Nonetheless, we are bearish
on this pair heading into the week and will be monitoring price closely for a good short entry position.
For more information, please visit: http://www.rileyedwardsfx.com