This is a very special pair, that has been behaving like the DXY, but with a major difference. It didn't break to new highs, but respected the Nov 2015 high.
At the 0.985 level, there is a lot of resistance that can turn into support, as well the up trending support which dates back to May 2016.
This trade has a natural 2:1 R/R ratio, which makes it even more attractive.
At the 0.985 level, there is a lot of resistance that can turn into support, as well the up trending support which dates back to May 2016.
This trade has a natural 2:1 R/R ratio, which makes it even more attractive.
Note
After rearranging my lines, I realised there is more potential to the downside. Maybe going long around 0.9815 with a 125 pip stop loss and 360 pip take profit target. The dollar indexes have 1-2% room to the downside left. After a certain point we might see the Dollar really tumbling.
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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.