Uptrend week…. 200 pips with almost no retracement.
We have started a (cautious) upside view last Tuesday Dec. 11th, which was later confirmed.
What to expect in the following days?
Although somewhat in the upper echelon of my charts and close to a mayor Key Reference Area (KRA), tested 3x since early September (and Mid-October), the vertical development that price action experienced back on Friday it´s undeniable, specially in conjunction with the previous 3-day Balance, preceding the move. The type of behavior that suggests more upside
Conversely, it is undeniable that the pair has had almost not rested during the last swing move. Add to the fact that it is trading close to two mayor swing spots: 1.3180 & 1.3250-1.3210. Both areas in which I would expect some sort of participation from sellers.
The strenght of the uptrend will likely be provided by the levels of retracement in which buyers decide to take action
– The pair is currently testing the immediate area 1.3170-1.3156
– Below, we would be expecting buyers to action in the following areas:
– 1.3100-1.3070, specifically 1.3085 (this seems like an important area where some rotation
would likely be expected)
– 1.3050-1.3030, specifically 1.3040 – This is my line in the sand for short-term uptrend to be
– 1.3016-1.300 is a KRA for the uptrend to continue
Pressure of sellers close to 1.2940´s will likely create more selling pressure to test 1.2880´s
The above, is represented in 2 different areas, in order to have a clearer road map for the next few days.