The pair has started its correction upwards lagging the AUDUSD and GBPUSD by a week or so. We should see more upside coming for the pair in the coming weeks but the danger lies ahead in the last week of October.
BULL CASE
1.17 is our upside target. We think that the bears will put up some fight there towards the month's closing and we may see a couple of red weeks in November before a major up move.
BEAR CASE
Do not be surprised if prices move lower to liquidate overzealous longs before moving up, keep your stop losses some buffer. The candle close this week isn't mega bullish.
BULL CASE
1.17 is our upside target. We think that the bears will put up some fight there towards the month's closing and we may see a couple of red weeks in November before a major up move.
BEAR CASE
Do not be surprised if prices move lower to liquidate overzealous longs before moving up, keep your stop losses some buffer. The candle close this week isn't mega bullish.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.