Looking back at the structure of the price action, the bounce off the yearly lows looks rather corrective in nature, even though there pair was extremely oversold. The selling was highly impulsive, while the buying (while having its moments), in the larger scheme of things is more corrective in nature. You can see this reflected in the angle of the price action behind the selling and buying legs. This tells us the bulls while having short term control, still are not the dominant party and we were reminded of that on Thursday as one day of selling took out the last 5+ days of gains.
The short term resistance formed above 1.2700 is a good area to sell any …... Keep reading