We continue to believe that this pair is carving a long term base.
WEEKLY CHART: The pair sits at a level where we can take a longer term view. The RISK REWARD is optimal, we know where we are wrong.
DAILY CHART: We have to continue to break down the chart so we can find a LEVEL OF ENGAGEMENT. We feel that we are close to it, and have the daily sheet flashing tightness in the ATR and PIVOTS. That is a strong short term signal that coincides with a LONG TERM view.
HOURLY CHART: The ATR IS 0.8334 and there is a R2 PIVOT at 0.8332, giving us a great set-up for action.
We will leave an O/N Bid at 0.8333 with a STOP LOSS below the RECENT LOW, our STOP: 0.8290
We will commit 2 units of RISK, our target 0.8680+