I didn’t see a thread on this pair, so I’ll start one =)
I’m a newb, but thought I’d put up my observations. If I enter a trade, I’ll let you know.
My first observation is the real long term trend.
This first chart is a weekly chart. You can see the long term down trend broke at the end of December (gray lines going down)
My orange lines are resistance, and blue is support.
It’s currently in an up trend over the long haul.
Now, in this second chart (8 hour), notice how the gray line has made support? It’s actually the top line of the down trend in the chart in the first post. I made the line before it tested the orange resistance line. I find it kind of interesting. Don’t know what to make of it at the moment.
Even though the short term it appears to be going down, the long term trend (green lines barely visible in this chart) still appears to be up.
