The pair has reached a somehow interesting area. On the one hand it broke a long term trendline on the 3rd of July but now seems to have found support at the 1.468 area. I believe the pair can rally to retest the resistance at the 1.4915 area. Reasons for believing this are :
1) Support area at 1.468 has been respected
2) We saw the formation of a pinbar breaching the support area but closing the day just over it or on it.
3) RSI is in overbought area
4) MACD seems to confirm the reversal by gaining some strength
Please comment if you have a different view.
Trade safe!!
1) Support area at 1.468 has been respected
2) We saw the formation of a pinbar breaching the support area but closing the day just over it or on it.
3) RSI is in overbought area
4) MACD seems to confirm the reversal by gaining some strength
Please comment if you have a different view.
Trade safe!!
Comment:
So far according to plan. Unfortunately I didnt find any proper entry point. I will keep this pair on my watchlist for today
Comment:
This is how I am looking to enter this pair. I will wait for a retracement to the support area (yellow line) and look for bullish signals on 4H to enter
Comment:
Still on watchlist. I did not find trading opportunities and I am looking for the pair to retrace to support before a bullish movement as seen on the below picture
Comment:
Not yet seeing an entry but still on watchlist
Comment:
So we are finally seeing a bit of a pullback. If support ( yellow line ) holds I will be looking to enter the trade after a closure above the neck line (black line). It will also be a closure above the 50MA
Comment:
The pair is still resisting and conoslidating. No clear entry but still on watchlist. Last day it printed a somehow long tail candle. There might be opportunities next week. I am not interested in going short as RSI shows the pair is oversold