Good morning traders.
Yesterday I mentioned the double bottom scenario and it looks to be taking hold. We have had a decent push up from 1.13. The only problem was that it was difficult to get on board!
We didn’t get any real pull back during yesterdays London open session and the only possible chance was in the NY early session when we had a dip back into the 1.1380s. If you were trading the Asia session there was another chance back down at the 1.1390 level.
It was just one of those days that if you were not already on board – you had to either jump in blindly or sit it out. It happens!
The Hourly Chart
The levels are pretty clear. Watch out for 1.1450 and 1.1480s and the 1.15 level will be a strong barrier. If we break back up through here I suspect the pair will have legs to test back up into the 1.16s and higher next week.
As it is Non Farm Payroll Friday I will most likely trade anything that sets up in the morning session and call it a day till Monday. I´m watching for an early dip back to the 1.14 level to jump in for a long scalp.
Have a good one and a great weekend.