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This asset looks as if it is ready to bounce from a major level, so I think ultimately you need to pay close attention to it. With that being said, I think you have got a situation where the market is so oversold that is probably only a matter of time before we bounced enough to make a tidy profit.
The 0.84 level underneath is massive support, and a level on the long term charts that a lot of people will be paying close attention to as it is important on the longer term charts and can even be seen on the monthly timeframe. Because of this, I think we are getting to a point where traders are probably going to look at this as a potential value opportunity, but I also recognize that it won't necessarily shoot straight up in the air right away. Because of this, think you need to be cautious, but there is an argument to be made for buying this pair, simply due to the fact that the Federal Reserve may not be as loose with its monetary policy as traders have started to push. In fact, in the Fed Funds Futures markets, they are priced in 100 basis points of cuts between now and the end of the year.
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I think there are going to be a massive amount of issues out there that will continue to see themselves appear in the paths of bullish traders. All things being equal, the market were to break above the 0.8550 level, then it could open up the possibility of a move to the 0.87 level. All things being equal, I think you could see this market bounce a bit, pullback, and then bounce again. I think it's going to be very volatile, and any time you get a situation where you might be looking at a potential trend change, you have a lot of noise that you have to deal with in the meantime. This could be very well what we are looking at right now.
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