This pair has been consolidating above key support for the last few days now and we are waiting for a good price action buy signal to join this market. There remains a high probability that this pair will start moving back to the top of it's trading range shortly and traders can wait for a price action signal on the daily or 4-hour timeframe to trigger an entry into this market over the next few days. If support at 92.00 breaks on the other hand, we will probably see a significant move lower.
The price action pin bar we discussed in our market commentary last week seems to be holding nicely at key support (despite being counter-trend). The fact that the market has failed to push below 138.50 for 3 days in a row following the pin bar suggest we may see a pop higher this week.
This price action trading commentary is published by Lewis Barber and represents his current view of the forex market.