I was short on this pair since 1.0690 from last week, but decided to close my position before the weekend. The reason I closed was because this wasn't as much of a long term position as my GBPCAD short, or NZDUSD short.
Also, the area at 1.0625 is one of some significant support.
I will not be shorting to 1.0526 because it won't fit my 1:2 risk reward ratio, but mainly because at that point, price will form an inverted head and shoulders.
And while I am confident in my bullish USD outlook, I cannot predict the market.
If, for some reason, price does break the current resistance trendline, or gaps up above it, EU may retrace to where the arrows point.
Also, the area at 1.0625 is one of some significant support.
I will not be shorting to 1.0526 because it won't fit my 1:2 risk reward ratio, but mainly because at that point, price will form an inverted head and shoulders.
And while I am confident in my bullish USD outlook, I cannot predict the market.
If, for some reason, price does break the current resistance trendline, or gaps up above it, EU may retrace to where the arrows point.
