We can see that we were correct in our analysis yesterday the retest of 1.2970 proved a great trading opportunity as the price went to 1.3013 before retreating on US data release. Overall we are still in uptrend, as we can see on the chart. We are in a bullish trending channel.
The price is too high to buy now so we suggest shorting in 1.3040-1.3050 zone with a tight stop as 1.3075 is next resistance above.
Any potential longs could be played out around 1.2970 but be very careful today as it is Friday and also the end of a month so we expect there to be profit taking across the board.
Nirav has been involved with trading and studying financial markets for close to 10 years and he has done it all from forex to futures, CFDs, stocks and options.His core dedication, passion and focus over the past 7 years has been to study the art of price action trading strategies in the forex market.
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