Hello Price Action Traders.
The pair drove to the upside past week ending almost to 1.3000. This market is not so strong lately with directional volatility that can fool traders and short-term investors. Breaking upwards of 1.3070 can bring new bullish boosts to 1.3180, a very strong resistance area. From here we can expect a return of the bears in this market. Only a daily closing above 1.3200 confirmed by the next day can change this situation. Broken down to 1.2800 instead would, of course, pushes down to 1.2650.
For the next week is interesting to wait the arrival of usd/jpy at 99.50 area. This area is clearly a point of support where we could find the bulls coming back in this market. Very simple … the only thing to do is to be patient and wait for a confirmation of the price action and its typical trading signals.
The pair is very close to levels where you can see trading signals to buy euros and sell Swiss francs. During the week ahead, if price will form a bullish trading signal on 1.2320/1.2380/1.2400 level would give the trigger for a negotiation with a good ratio between risk and reward.
It’s all for today!
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