This pair has been on an uptrend since mid april-may from the 0.893000 region which is a strong weekly support.
It has respected an ascending trendline that I drew twice. I'm expecting it to return to this trend line once again. Wether it will break or bounce from this time will tell.
However, for now I can see some potential shorting opportunites.
Here is a break down of confluences that I can see:
1. Ascending trendline (bounce or break). = 1
2. Descening trendline respected by multiple pin bars. = 2
3. MA's respected by previous pin bar, waiting for daily close for extra confirmation. = 3
4. Fib level aligned nicely. The 38.2% will most likely be hit so initial TP's will be there. But I'll monitor the progress of this pair next week.
It has respected an ascending trendline that I drew twice. I'm expecting it to return to this trend line once again. Wether it will break or bounce from this time will tell.
However, for now I can see some potential shorting opportunites.
Here is a break down of confluences that I can see:
1. Ascending trendline (bounce or break). = 1
2. Descening trendline respected by multiple pin bars. = 2
3. MA's respected by previous pin bar, waiting for daily close for extra confirmation. = 3
4. Fib level aligned nicely. The 38.2% will most likely be hit so initial TP's will be there. But I'll monitor the progress of this pair next week.