2 things you can do now.... 1. sell now and walk away with around 60ish pips profit 2. put on a trailing stop and brave the Spanish bond auction result.
Same chart, same range but different phase. No price for guessing, the next phase seems to be "up" to challenge the 1.3200/20 resistance band after E$ tested the support band at 1.3058 yesterday.
Just to take another step further, one would notice that E$ should start to turn down to retest the neckline and subsequently lower (based on the mirror image). For that phase, I will not be too quick to advise but I am mentally prepared for an expanded range to 1.3300.
For today, 1.3090/10 to hold and 1.3200/20 to cap. A close below 1.3055/65 or above 1.3200/20 will have important implications.
My trading philosophy is simple...... its more crucial to read the daily range right than to make a right call on a trend. Learn to listen to the market and react, leave the predictions to wizards with the crystal balls.
Update1: For E$ longs, use 1.3200/20 as a guide to take some profit and NOT to establish new short. Price action with firm momentum has increased the probability of a sustainable break above the resistance band. Better to err on the side of caution.
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