In the 4 hours chart, the pair is in the lower regions of the channel and taking into account the slow pace of decline, risk of shorting the Greenback is now high. Thus, we will seek buying opportunities in the 1 hour chart.
The traders who want to long the dollar should wait for the descending channel to be broken to the upside. As long as this channel holds, we will have selling pressure in the market and there will be little buying interest.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
