PA looks tired to go up.. got a short in place and looking for 89.57.
Ever since the swiss central bank debacle, i’ve been weary to trade this pair. But EC is making progressive changes in momentum to the upside. While i can’t find any fundamental evidence to support this assumption, it’d be interest to see if it can break to the upside. I’m waiting for PA to test 1.0640 and if it breaks this level, it should go at least 1.0684.
PA works similar to a progressive system such that trend changes with respect to changes in momentum. Again, here trend change is not validated merely by changes in momentum, it is confirmed by testing a trough or peak. I’d like to see at least 3 tests before make an entry. No system is perfect, and patience will add to the chances of success.
This pair is 1H bearish as it broke support at 123.95. I’m waiting for the last move to complete to short.
The Bank of England’s vote for a rate hike turned out to be neutral, but recent comments about the resolution of the Greek debt crisis is looking forward to a rate hike. Price of G/U was a reflection of that expectation. Besides, the vote for 0-0-9 was weeks ago, so the result of the vote was already priced in the market. Looks like G/U is very resilient against a stronger dollar, and the price action right now… indicates a strong retail sales figure later tonight. I’m looking to long this pair, if it reaches, 1.5636.