Last week I posted a chart on this pair (I'll link it in the comments below) about a trade I took on this pair. Unfortunately, it was prematurely stopped out as the pair did not give me solid sign of follow through, and the USD Index showed sudden strength.
Now that the USD is off to a weaker start this week, I can say with more confidence that we have a higher probability trade setting up here. Prices have rejected the support region with distinct strength and the day has ended strong.
My first target is around 0.99, not only is it a round figure, but that is also where the weekly 200ma is currently around. My second target would be towards the previous support area, now resistance.
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metalhe4der
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This idea is now invalidated by the overbearing bearishness over the last 2 days. We're looking at making new lows.