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