During the last three days looking at the moves of this pair, when European and American session overlap, we see a short move down at both sessions. In contrast with today's session we see low and then move higher and above the previous swing high. Also we see potential of a third bottom during this session, after the pair tried 3 times to break below the $110.63, after testing this horizontal zone of support, but the break did not happen. Days of 21 and 22, price action look the same but the 23rd, price did move quickly up and breaking the previous swing high.
This is possibly reversal of the short tendency and move up, as the price stopped here for the 3rd time and maybe has formed a possible bottom. We do remain long on the pair and we are looking for clear signals for long by the bigger trend.
Chart: Bloomberg
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.