Analysis:
- daily channel has been broken and retested
- the daily support zone is respected as the weekly candle close which indicates a possible bullish trend reversal
-The weekly time frame shows a possible W formation
Trading plan:
- High risk open position with small lot size below resistance 1.56700
- low risk entry and better confirmation after price has broken the resistance
- I will be looking for an entry after a retracement following resistance break
- daily channel has been broken and retested
- the daily support zone is respected as the weekly candle close which indicates a possible bullish trend reversal
-The weekly time frame shows a possible W formation
Trading plan:
- High risk open position with small lot size below resistance 1.56700
- low risk entry and better confirmation after price has broken the resistance
- I will be looking for an entry after a retracement following resistance break