This pair dropped a large bullish pin bar today from the key support level down at 1.6660. We may get a dip back to intra-day support near 1.6700 before this market pushes higher again - it may well retest key resistance up at 1.6820 over the rest of this week if it can pick up some momentum.
We've seen a lot of basing at key support in this market and a small bullish pin bar today. This pair may well start to push higher from here and move back to key resistance up near 104.00. The safest way to play a long trade would be to wait for a break above near-term resistance and the current consolidation range around 102.20 to trade with the momentum on our side.
This price action trading commentary is published by Lewis Barber and represents his current view of the forex market.