We have seen price break back above a daily level, we have now tested it as support and given us a signal to enter long to the next level. Break above MA on h4 and MA have just crossed on H1. We can see price formed an engulfing/3pin formation on daily support
I’m in two minds above what could happen next. If we break 1.70 i do expect new highs to be made, but if we sustain below we could be sing price print an LH telling us we could see another leg down. Will act accordingly.
GJ long is active. Today we saw price fail to stay below 147.50 which was a key area i was looking for to go long at. We have now seen buyers start to enter the market. This area also is our prefrered PB zone, the extension also aligns nicely with our monthly levels giving us a strong idea of our potential target. My reason for entry was MA break
TP 3: 155
Last week price closed just below our 147.5 level but Sunday open we saw a gap up and the price push back and close above 147.5, Is this our new Daily HL? We can see if we look left that price has failed to break above this level for multiple months, we have now seen price make a clean break and now we are testing this area as support. As long as we can stay above 147.5 I believe we will be seeing a new high formed.
This will be my first trade that I will attempt to hold for a longer period of time. From my Analysis below you can see that price has completed D1 fib target and I now believe we will head to complete D2 which also aligns nicely with our key level 155. We have tested our 8EMA on the weekly time frame and are using it as a dynamic area of support supporting our long confluence.
I will have 3 targets with this trade first target will be our monthly level 150 next being 152.5 and then finally our 155 d2 level
So I have pulled the trigger on this pair. I mentioned in my weekly breakdown that i am only going to be looking to go long. Sunday we saw a small gap down to test 18Ma where we have found support, we have then pushed back above our 8EMA closing as an engulfing candle. We are now riding our MA again. I am looking to hold this up to 1.495, will be watching price carefully around 1.475.
We can see a 3 pin formation at key level on a weekly timeframe, last weeks candle was a strong bearish candle. We are currently sitting on our 8ema which may act as an area of support. Daily time-frame we can see a break of our weekly midrange 147.5 for me if we come back to test this area as resistance and form a bearish continuation pattern i will be looking to short to daily support area. I am expecting price to fall to our monthly level 145
Huge bullish engulfing monthly candle close, also closing above 8ema. From our weekly timeframe, I can see that price has broken to previous LH structure signaling we are now in an uptrend. We have also seen the moving averages cross to the upside which confirms we are now in an uptrend. Last weeks candle closure was a bearish engulfing candle from 1.7000 level. Price is now approaching our next key level which is 1.675, this area also aligns with our 8ema which we could use as a dynamic area of support.
From our top-down analysis we know we are in an uptrend but currently making a PB to form potential HL. Will be monitoring price around 1.675 for reversals
Last week we saw price fail to break daily support and sustain riding our Moving Averages. We are now printing HL which is indicating to me that we are about to make a move to create new highs. MA are up on H4, Daily & monthly
For me, I will be waiting for a break and retest of our weekly midrange before looking to go long with this pair.
Expecting price to reach 1.48500 by the end of the week which also aligns with fib extension target 1. and daily resistance