6 Jan 2017



The rate broke the gap resistance yesterday and is now testing the 3-month falling trendline and former support level at 0.7330. 

It came within 10 pips of stop loss, but I am still holding the positions and will be looking to scale in the trade.

My bias is still lower, however I am will be waiting for today's NFP figures before entering any new short positions.

A break above the trendline and yesterday's high at 0.7356 would invalidate my immediate bearish bias, but only to wait for a deeper pullback towards the broken channel around 0.7500 to sell from better prices.

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