Previously we have seen an inverted head & Shoulder pattern on this pair, this has now been confirmed and the neckline/resistance barrier of 132.00 has now held and been successfully broken and is currently trading at 132.362. I am expecting a slight pullback to 132.000 before making a push higher towards the 133.000 resistance level
Reasons for this long trade:
Head and shoulder pattern inverted.
Daily clean break & closure above 132.000
Price is holding above 132.00 and has tapped the high of 132.500
8 MA crossover with the 21 MA
Price is trading above the 200 EMA
which shows bullish
momentum and a new direction.
Any comments, questions welcome :)