Well, maybe not.
This pair is 2 days and (a massive) 430 pips from the 5m 800 sma, which is a long time (statistically) and nearly 5 times the average distance it moves before returning; that's nearly 3 standard deviations !
...Also, the pair has come up against strong historical resistance at 1.3680 and the Daily 800 sma.
...The 1H MACD is divergent...
...The 5 minute chart is forming a 'Head and Shoulders'...
And tomorrow is Friday... the day of reversals.
I wouldn't mind betting it will re-test that resistance at the Asian open. But, whatever, I'm going to be ready to short it on a strong 5min close below that neck-line.
With respect to profit target, I don't think the 5min 800 sma is realistic, but the measured potential of a reversal against the neckline coincides with recent support at 1.3518
... which is still 130 pips from where it is now and presenting of a very juicy risk to reward ratio.
I might just have to stay up for this one !
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