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
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.
Yesterday we saw price break and close below our 150.00 level signaling we could see price meet our next support level. This morning we have seen price revisit our resistance level which has been respected and also we can see a price rejection from our 8EMA telling us to go short. Pulled the trigger.
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Last week we saw price form HL at our monthly support level shortly after making a strong bull run back towards our weekly mid-range where we found resistance. Today we have seen a small back and have found support at previous high.
I am expecting the price to break above weekly midrange and head towards our next key monthly level which is 1.50. Will be letting this trade run as long as we have a clean break of our midrange. Target will be FIB extension D2.
Please find above image the trade I’ve taken
I have also attached some longer-term analysis for this pair below
From my weekly breakdown, you can see I am expecting the price to revisit 150 and potentially break this level as we are due a PB. What I have seen for me to take this setup was a CTL break, we have seen price push back above TL on Friday but we managed to then close back below with a shooting star candle confirming the break. Sunday we saw a small gap down then price made its way back to test CTL break as resistance.
We saw price stall around CTL resistance. My entry was taken of the highlighted area as I saw a reversal formation signaling we will see some downside momentum
We have seen price form LH at daily resistance, next level I believe that’s going to be met is our monthly support 150. I will be looking to hold my position if we can break 150. if we manage to break my next target will be FIB D1 extension 148.4. Bearish engulfing formation on H2 plus MA breaker also we can see a potential H & S with 150 being the neckline.
TP 1: 150.050