It is hard to admit, but I have been wrong on this one in a few of my previous posts.
We are very close to May 2016 highs (nr. 3), so it might be possible that it will try to re-test it (nr. 2). That level is roughly around 1.16200.
Now, if this pair will decide to screw up everybody later on this week (especially with the ECBs rate decision on Thursday) and move below that little trend line (nr. 1), then I will be a strong supporter of seeing a bit of selling.
But then again, this is just an idea, so let's keep an eye on the price action!
We are very close to May 2016 highs (nr. 3), so it might be possible that it will try to re-test it (nr. 2). That level is roughly around 1.16200.
Now, if this pair will decide to screw up everybody later on this week (especially with the ECBs rate decision on Thursday) and move below that little trend line (nr. 1), then I will be a strong supporter of seeing a bit of selling.
But then again, this is just an idea, so let's keep an eye on the price action!
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Completed. No longer valid.