Recent price action: Bullish
Pattern: Rising wedge
Long-term momentum: Ranging
Short-term momentum: Bearish
Bias: Short
Action: Already entered a short position for this pair; however, I would like to see a break and hold of short-term trend support on the daily chart. Do not add any more positions until price confirms movement to the downside.
Comments: Major slow down in price. SImilar to what is happening with DXY. Most U.S. pairs are reaching weekly S/R. Hopefully, the dollar can push through and majors will follow.
Pattern: Rising wedge
Long-term momentum: Ranging
Short-term momentum: Bearish
Bias: Short
Action: Already entered a short position for this pair; however, I would like to see a break and hold of short-term trend support on the daily chart. Do not add any more positions until price confirms movement to the downside.
Comments: Major slow down in price. SImilar to what is happening with DXY. Most U.S. pairs are reaching weekly S/R. Hopefully, the dollar can push through and majors will follow.