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Building some bullish under pinning that I’ve been talking about in my FX market commentary, the pair launched higher on Mario Draghi’s ‘No Plan B’ comments, gaining over 130+ pips on the way. Both the daily and 4hr candles printed engulfing bars at the yearly lows showing the multi-time frame strength of this reversal.
This changes the dynamics of the price action short term, as its closed above the daily 20ema (marginally) for the first time since mid-Feb. I’ll still consider selling the pair around the channel top just under 1.3000 with tight stops above. Should this fail, then 1.3100 and 1.3150 are up next, while if this holds, then 1.2875 and 1.2750 will be under attack …... Keep reading