It can be seen on the 4 hour chart that the pair has reached a key decision level.
A massive horizontal structure that spans two months. The pair was moving in a downward channel, and now it has reached both the channel border line and the horizontal support.
On a 1h timeframe it can be seen that the pair is trading in a range of indecision.
I say, if the 1h and 4h candles both close below the level, I go short. If is bounces back, and breaks the range resistance, I go long.
I will say I am long biased, so I will post again, watching closely how it plays out.
Please, hit the like button, it really helps me if you do that!
Wish you luck.
A massive horizontal structure that spans two months. The pair was moving in a downward channel, and now it has reached both the channel border line and the horizontal support.
On a 1h timeframe it can be seen that the pair is trading in a range of indecision.
I say, if the 1h and 4h candles both close below the level, I go short. If is bounces back, and breaks the range resistance, I go long.
I will say I am long biased, so I will post again, watching closely how it plays out.
Please, hit the like button, it really helps me if you do that!
Wish you luck.
Comment:
new structure analysis:
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