So many fails on the 123.30 resistance makes me turn bearish. No shorts yet though, I would a prefer a big break of the 121.00 support before going short, a long way down if it breaks.
This is my forecast for the week ahead. It will be updated everyday during asian session for any changes. Do scroll down to look at the comments for updates.
Just because price has reached my area of interest does not mean I will open a position unless I specifically mentioned I would open a position there. I would normally watch the price action before deciding.
Nothing is 100% in trading, it is a game of probabilities. Be nimble when trading, never have a strong bias. I can turn from bullish to bearish in a day if price action tells me so.
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I will start shorting at a break of that 121.70 support, otherwise still standing aside.
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Wednesday
Still waiting for a break of that 121.70 support before I start shorting this pair.
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Thursday
Support held which was unexpected, more range trading expected. Doing nothing until a break of support. A retest of resistance is also possible before another fall to break support.
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Friday
Support finally broken, look for a pullback to 122.01 resistance to short all the way down to 118.70.
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rsam
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Hmmm.. I entered at 121.60 - might add another limit order for 122.01 :-)