My bias has now changed on this pair since last week:
Weekly - On the weekly I can see a second doji formed, this could show rejection of a possible downside move after the previous doji reacted as a rejection from the key level. Zooming out on the weekly time frame I can see a bullish wedge formation forming. Higher lows reacting on a valid trend line with consecutive rejections at the 0.7700 key level, this eventually could lead to a break of this level.
Daily - On the daily we all notice the strong bullish candle forming, showing the bulls are entering however this was due to the heavy fundamental news released on Friday.
4 Hour - On the 4 hour chart I can see a stop loss targeting play, market makers targeting a common stop loss placement to then go higher.
Hourly (Chart published) - on the above hourly chart this is the play I will be watching to see if I can get in on a valid entry. We are currently trading above the 50ema and it looks as if price has broken structure with the previous lower high being broken. However price has rallied to far to get on a perfect entry. I will be looking for price to retrace and show some hourly rejection at the highlighted area - this is the previous lower high and previous short term support. If I see rejection at this area I will enter long, with a great risk to reward and will be targeting the 0.7500 level.
Weekly - On the weekly I can see a second doji formed, this could show rejection of a possible downside move after the previous doji reacted as a rejection from the key level. Zooming out on the weekly time frame I can see a bullish wedge formation forming. Higher lows reacting on a valid trend line with consecutive rejections at the 0.7700 key level, this eventually could lead to a break of this level.
Daily - On the daily we all notice the strong bullish candle forming, showing the bulls are entering however this was due to the heavy fundamental news released on Friday.
4 Hour - On the 4 hour chart I can see a stop loss targeting play, market makers targeting a common stop loss placement to then go higher.
Hourly (Chart published) - on the above hourly chart this is the play I will be watching to see if I can get in on a valid entry. We are currently trading above the 50ema and it looks as if price has broken structure with the previous lower high being broken. However price has rallied to far to get on a perfect entry. I will be looking for price to retrace and show some hourly rejection at the highlighted area - this is the previous lower high and previous short term support. If I see rejection at this area I will enter long, with a great risk to reward and will be targeting the 0.7500 level.