The pair is currently moving into the channel and above 105.500 due to the dollar trying to regain some ground after a mood for risk appetite. However, the reality of slowing economic data and rising virus cases around the world is an almost unavoidable and hard reality.
About technical terms, this pair is struggling to keep an upward pressure because it's in the channel and it could lead the price down again, but this time is too close of the 200 DMA at 106.883 which is calling for retesting and coincidentally was my short position target from 112.100. Let's take a look at what it does but in my case I'm still short.
You have to be careful with the dollar and typical safe-haven assets because the "gold standard" it will be a reality pretty soon as 2021, perhaps you shouldn't be trading forex in the long run but buying physical GOLD. Stay tuned on my gold idea I'd be posting within coming days.
Have a good and profitable trading week.
Creamlivetrading
About technical terms, this pair is struggling to keep an upward pressure because it's in the channel and it could lead the price down again, but this time is too close of the 200 DMA at 106.883 which is calling for retesting and coincidentally was my short position target from 112.100. Let's take a look at what it does but in my case I'm still short.
You have to be careful with the dollar and typical safe-haven assets because the "gold standard" it will be a reality pretty soon as 2021, perhaps you shouldn't be trading forex in the long run but buying physical GOLD. Stay tuned on my gold idea I'd be posting within coming days.
Have a good and profitable trading week.
Creamlivetrading