Rising Wedge, rejection area, $ weakness
Updated
Good opportunity to short for a 38% to 50% correction: 1.3260 to 1.3220
Reasons for the trade:
1. Rising Wedge formation at top - a break below the support line would trigger a short position
2. Rejection area above 1.3400 - market could not close above it.
3. Dollar weakness could last a couple more days after Friday's decline.
Safe trading!
Iulian
Reasons for the trade:
1. Rising Wedge formation at top - a break below the support line would trigger a short position
2. Rejection area above 1.3400 - market could not close above it.
3. Dollar weakness could last a couple more days after Friday's decline.
Safe trading!
Iulian
Note
The wedge has been broken to the downside!If the GDP surprises the market positively we will have the extra boost needed for the pair to make a decisive move towards 1.3250
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