The pair is trading in the little consolidation below the resistance 1.2566 - 1.2580. The price fell down during the Asian session, but the move was on small volume, so we can’t regard it as a bearish signal. That’s why we still should give preference to long positions, but we can enter the market only after an abrupt breakout of the resistance on large volume. A stop loss should be placed below the breakout volume bar. A potential of the growth is 100 pips. As for short positions, we can deliberate them only after a breakdown of the support 1.2404 - 1.2428.
The bottom line: long positions after a breakout of the resistance.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.